Daily Ag Direction 10/23/2024
Good Morning!
Wheat markets are down this morning giving back yesterday’s gains. The rally yesterday seems to be more about the move in corn and beans instead of new fundamentals for wheat. Weather maps are trying to turn a bit wetter for the US Southern Plains, but we’ve heard that story before. Russian maps are dry for the most part while big rains are seen in Argentina.
The corn market was flat overnight following the strong rally seen over the past couple of days. Farmers have seen multiple rallies to sell this harvest and seem to be taking advantage of those rallies.
Soybean markets finally posted 2 green days in a row yesterday but still don’t have much to offer the bulls yet. Markets are watching how bean plantings go in Brazil as the delayed start puts some pressure on producers to get the Safrinha crop in the ground.
Dec’24 KC Wheat -6.75 @ $5.7975
July ’25 KC Wheat -5.75 @ $6.1175
Dec’24 Corn is down ¾ of a cent @ $4.1575
Dec’25 Corn -1.5 @ $4.4025
Nov’24 Soybeans -4.25 @ $9.875
Jan’25 Soybeans -3.75 @ $9.9675
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126