Daily Ag Direction 10/17/24
Soybeans were once again the loss leader for the 14th day in a row, taking roots at 9.70 as of this typing, just over $.10 away from ZSX24 contract lows for the year. Corn has taken stands at a key critical support area of $4.00 December & open interest in the contract has increased. If corn does not hold this $4 market we will likely see Dec corn contract with prices similar to back in August. KC December Wheat remaining nearly flat for this morning session. Rain is expected for 50% of the US wheat crop area over the weekend.
Dec KC unchanged @ 5.89 / Wheat Resistance @ 6.00 / Support @ 5.80
Dec Corn down 4 @ 4.0050 / Resistance @ 4.10 / Support @ 4.00
Nov Beans down 10 @ 9.70 / Resistance @ 10.00 / Support @ 9.60