Daily Ag Direction 6/12/24
Good Morning!
The corn market traded firmer overnight in anticipation of the June WASDE report out at 11am today. The U.S. crop remains in good shape through the second week of ratings but we will see if the hot/dry weather casuses any issues. After the WASDE report today, weather will be the main driver for the corn market.
The wheat market opened lower overnight following the rally seen yesterday. The trade looks to be squaring away befor the WASDE repot looking for world production to decline a bit with lower Russian crop numbers but the U.S. will be higher especailly the HRW crop. Wheat harvest is rolling good in Kansas and is on the down hill slide in Oklahoma with better than expected yields being heard for the most part.
July ’24 KC Wheat-11.75 @ $6.4325
July ’25 KC Wheat -8 @ $6.8225
July Corn +3.75 @ $4.5325
Dec Corn +3 @ $4.6825
July Beans -+3.75 @ $11.8175
Nov Beans -.05 @ $11.51
Sept Feeders +1.20 @ $259.875
Aug Live +.50 @ $179.425
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
