Daily Ag Direction 10/21/24
Good Morning!
Markets still weather driven as dryness continues to spread across wheat growing regions. Russia continues to be dry and fund short covering is driving markets. Funds added to their corn short position last week by 70k contracts on ideal harvest weather and south American planting progress. Beans remain oversold and finding buyers. Brazilian weather holding rains in the central region while Argentina is also finding some relief. Planting is catching up.
Dec KC Wheat +2.6 @ $5.84
July 25 KC Wheat +2.2 @ $6.15
Dec Corn +6.0 @ $4.11
Dec 25 Corn +3.6 @ $4.39
Nov Beans +9.6 @ $9.80
Nov 25 Beans +4.6 @ $10.25
Nov Feeders -0.525 @ $247.075
Dec Live -0.325 @ $187.000
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
-Trent