Daily Ag Direction 6/28/24
Grain markets are mostly quiet on the open this morning, waiting on the 11am release of USDA's acres and quarterly stocks report to provide direction going in to the end of the week, month, and quarter. This report has sparked some volatility (in both directions) in recent years across corn, beans, and wheat, so anticipate a collective exhale later this morning. Whether that is bullish, bearish, or a gasp from lack of price action remains to be seen. Today's pre-report session marked by beans trying to follow through on their overnight bid, wheat pulling off yesterday's bounce higher, and corn decisively neutral. Note that cash prices have rolled to September futures for corn and wheat and August for beans.
Sep KC wheat is down 6 at 5.91
Sep Chi wheat is down 2 at 5.77
Sep corn is up 1 at 4.23
Dec corn is up 1 at 4.35
Aug beans are up 4 at 11.40
Nov beans are up 2 at 11.07
Aug feeders are up .22 at 260.875
Aug live cattle are up .30 at 186.75
If you have any questions, don't hesitate to reach out to your Risk Management Advisor and have a great day!
