Daily Ag Direction 6/7/24
With wheat harvest making good progress in Oklahoma and moving into Kansas ahead of the weekend, traders are still looking overseas as both Kansas City and Chicago exchanges are trading lower this morning following Paris's gap lower open on the overnight. The catalysyt waas Turkey's announcement to ban imports through mid October to protect local farmers amid a large domestic crop. This alleviates some of the projected near term supply strain that Russia's production cuts raised. This, combined with harvest progress in the US and yields coming in better than expected has wheat contracts falling through some technical support and trading sharply lower following the open.
Corn back to trading lower after yesterday's bounce, largely following the wheat complex at this point with the crop off to a decent start and any significant weather risk hanging well out into the future.
Beans saw a flash sale to China but export numbers still disappointing down 42% vs last year. Resistance for the nearby July contract around the 12.00 mark has held and early in today's session, spillover from wheat's selloff has beans faltering beyond the overnight's lows as well.
July KC wheat is down 22 at 6.56
July Chi wheat is down 20.5 at 6.19
July corn is down 6 at 4.46
Dec corn is down 4.5 at 4.64
July beans are down 16 at 11.83
Nov beans are down 12 at 11.54
Aug Feeders are the green on the screen, up .375 at 253.20
As we move through harvest, please do not hestitate to reach out to your Risk Management Advisor with any questions and have a great day!
