Daily Ag Direction 10/28/2024
Good Morning!
Wheat market was lower this morning following the break in soybeans and improved rainfall forecasts this week for the US Southern Plains HRW areas. Big rains forecasted with Oklahoma and Texas getting the most coverage. Technically the markets are oversold, but not seeing much fundamentally to move prices much higher. Support does seem to be under the market with less than ideal conditions for the Northern Hemisphere new crop.
The corn markets are trading lower as well with the pressure from crude oil moving lower following the Israel attacks on Iran. Harvest progress reports today should show progression to near 75%, but forecast do shift to a wetter pattern later this week.
Soybean prices are lower as the risk to planting the South American crop has decreased. We know the Brazil crop will be late but the question remains how and when does the major portion of their crop go in? Seasonal trade in beans now focuses on post planting risk of if they get the timely rains they need.
Dec’24 KC Wheat is down -4.75 @ $5.6725
July ’25 KC Wheat is down -5.25 @ $5.9875
Dec’24 Corn is -1.75 @ $4.135
Dec’25 Corn -1.5 @ $4.3825
Nov’24 Soybeans -8 @ $9.7975
Jan’25 Soybeans -8.75 @ $9.8875
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126