Daily Ag Direction 7-2-24
Good Morning!
With hurricane Beryl intensifying into a category 5 storm, new projections show that it may pass up towards the Texas gulf. Let’s hope this could bring some moisture our way. Wheat is having another off day while corn and soybeans recover. Crop progress had corn condition down 2% nationally to 67% G/E and some talk of the impacts that flooding may have. The carryout is projecting somewhere between 2.1 and 2.2 bb so it will take some huge losses to change the gross outlook. Big farmer grain stores in the Midwest also put a lid on corn prices as funds are not scared of a shortfall at the moment. Russian wheat acres are back to seeing hot/dry weather so choppy trade in the near-term seems likely.
Sept ’24 KC Wheat -11 @ $5.88
July ’25 KC Wheat -7 @ $6.28
Sept Corn +.5 @ $4.08
Dec Corn +.2 @ $4.21
Aug Beans +3.2 @ $11.49
Nov Beans -+1.5 @ $11.13
Sept Feeders +2.575 @ $260.525
Aug Live +0.775 @ $184.935
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
