Daily Ag Direction 5/8/24
Good Morning!
Wheat markets pulling back this morning. It will be interesting to see if the pattern continues of weakness in the overnight followed by buying in the day session. Russian weather is still the focal point for the wheat market. Better rains are now in the forecast but they are seeing some damage from the recent freeze and more cold spells are on the way. Oklahoma Grain and Feed official crop estimate yesterday came out at 89mmt. But a poll of those in the room placed the crop size closer to 100mb.
The corn market was quiet overnight as values pause near the 3 month highs. With the push higher, producers have been active sellers but will probably slow down some until we see new crop values closer to $5. Planting progress in the midwest looks to slow this week with rain in the forecasts. The areas that are planted will start to see good growth as temperatures warm up.
Soybean futures have rallied just over $1 on the Brazil flood impact on harvest with experts showing 6-7mmt at risk.
July 24 KC Wheat -10.75 @ $6.5325
July 25 KC Wheat -10.5 @ $7.0175
July Corn -4.25 @ $4.6275
Dec Corn -3.5 @ $4.85
July Beans -7 @ $12.395
Nov Beans -6.25 @ $12.2175
Aug Feeders -.375 @ $254.05
June Live 0 @ $177.625
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
