Daily Ag Direction 5/6/24
Good Morning!
Potentially dangerous weather day across KS/OK/TX so please stay weather aware!
MATIF wheat moving and corn spreads strengthening as we move into the midday. Wheat markets were down this morning but now we see green across the board in wheat, corn and soybeans. There is substantial fund covering in wheat but the spreads are not that bullish yet. Producers need to watch these values closely if weakness creeps in. Good opportunities here to lay off risk. NC 24 Hard wheat trading near $6.75/bu. and NC 25 wheat trading up to $7.15/bu. Historically, prices above $7.00/bu. in hard wheat are not visited frequently so we want to bring that to producers’ attention.
It looks like the planting pace will improve in corn and beans as weather maps on the 7 day look to be drying out. Uncertainty out of the black sea will continue to be monitored closely and the market is very interested in Russian and Ukrainian weather.
July 24 KC Wheat +22.5 @ $6.73
July 25 KC Wheat +19 @ $7.14
July Corn +8.5 @ $4.69
Dec Corn +5.5 @ $4.89
July Beans +27.5 @ $12.43
Nov Beans +18 @ $12.19
Aug Feeders -1.625 @ $253.125
June Live -.175 @ $174.40
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
