Daily Ag Direction 10/24/2024
Good Morning!
Wheat market was mixed overnight as wheat continues to follow the action in corn and soybeans. The market is watching weather forecasts with the bleak picture right now for the Northern Hemisphere winter wheat crop.
The corn market continues to move higher trading through the 100 day m/a overnight with both fund short covering and commercial buying. Farmers have been sellers taking advantage in the uptick in the market. Ethanol production jumped 3.7% last week as corn used for ethanol numbers continues to run ahead of current USDA estimates.
Soybean prices were up for the 3rd day yesterday. Big export sales this morning as China might be filling in coverage with the late planted Brazil crop being harvested later than normal.
Dec’24 KC Wheat is down ¼ of a cent at $5.8525
July ’25 KC Wheat is down ¾ of a cent at $6.1675
Dec’24 Corn is +3.25 @ $4.2225
Dec’25 Corn +2.25 @ $4.44
Nov’24 Soybeans +10.75 @ $10.0825
Jan’25 Soybeans +9.25 @ $10.1425
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126