Daily Ag Direction 6/26/24
Good Morning!
Wheat markets traded lower overnight but have rallied some into the day sessin. Markets look to stay in this trading range at least until harvest pressure is over. USDA will release their stocks and acres report on Friday. The trade doesn't anticipate many suprises for wheat stocks but will focus on the HRW acres numbers.
Corn markets fairly even today with maps seeing decent rains for the core parts of the midwest while a drier pattern for the acres further west. Most forecasts have a positive start for July but it remains to be seen if that follows through.
Soybean values gave back some gains with positive outlook for weather in forecasts. Producers are slow sellers right now forcing bids to go higher at the crush plants. New crop beans put in a new contract low which will mute sales until something forces a short covering rally.
July ’24 KC Wheat +9.5 @ $5.855
July ’25 KC Wheat +7.75 @ $6.19
July Corn +.75 @ $4.2625
Dec Corn -.5 @ $4.425
July Beans +8.5 @ $11.7175
Nov Beans -2.5 @ $11.09
Sept Feeders +1.325 @ $261.40
Aug Live +.975 @ $185.40
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
