Daily Ag Direction 5/9/24

Posted on May 09 at 09:35

Good Thursday Morning!

The wheat market bounced back overnight on fears of production issues in Russia following the freezing temps. Russian crop production estimates are now hovering around the 90mmt but look for that to continue to move lower. Ag officials in Russia are warning of extreme damage in some areas and this headline is driving the prices today. The area needs to see some rain soon to help ease concern.

The corn market contines to retreat lower following a 3 week run higher. Planters should get back into the fields in the midwest  soon with forecasts showing less rain. U.S. corn remains competitive price wise, but South American sellers will become more aggressive as production potential becomes more clear.

Soybean futures are down this morning following the recent $1+ rally. Brazil losses are now in the 1-2mmt range which is priced into the market. USDA report out Friday expected to show another surplus crop to pile onto the ending stocks.