Daily Ag Direction 10/22/24
As corn futures sank against support levels this past week, open interest has increased. We’ve seen funds buying +22k yesterday & a Mexico was a buyer for corn. The expectation is that export sales numbers release on Thursday will be quite large.
Wheat growing areas remain drying going into planting as US winter wheat stands at 73% vs 74% last year & 76% 5 year average. Ukraine is running 3.2MMT ahead of their year to date exports while US weekly exports are falling behind the weekly pace needed to meet USDA’s annual export forecast.
Soybeans making another record harvest week at 81% harvested vs. last year’s 72%. Bean planting in Mato Grosso, Brazil 25% complete vs. 60% LY & 44% 5yr Avg, but estimates keep their production unchanged at 165 MMT for the coming crop.
Dec KC unchanged @ $5.8275 / Wheat Resistance @ 6.00 / Support @ 5.80
Dec Corn up 3 @ $4.1250 / Resistance @ 4.10 / Support @ 4.00
Nov Bean up 6 @ $9.8700 / Resistance @ 10.20 / Support @ 9.70
If you have any questions, please reach out to your CEA Risk Management Advisor. Have a good day!
Kavan Killian