Daily Ag Direction 10/15/24
Commodity markets selling today as corn, wheat ,& soybeans are all trending downwards. Just recently, funds were nearing an even position, but as S. American rains settle in the funds are adding back to their shorts.
Corn is relying on previous support levels at ~$4 while soybeans are breaking past $10 X24 support. USD higher and crude oil dipping down are pushing back against grain market bull hopefuls. Argentina & Brazil experiencing some crucial scattered moisture during their planting season which is also working against US commodity markets.
Harvest progress across US soybeans & corn is trending well above average. Rains expected for the Plains, but leaving the Midwest out which will continue to push harvest progress. Models are showing rain bound for the Midwest in 1-2 weeks which might slow down a record pace harvest if it comes to fruition.
Dec KC down 3 @ 5.87 / Wheat Resistance @ 6.00 / Support @ 5.80
Dec Corn down 5 @ 4.02 / Resistance @ 4.10 / Support @ 4.00
Nov Beans down 10 @ 9.86 / Resistance @ 10.00 / Support @ 9.80