Daily Ag Direction 7/31/2024
Good Morning!
Wheat markets were lower overnight but Paris wheat has bumped higher on the concerns with the EU crop quality and the concern over how the Russian spring wheat crop will finish out. Wheat price should continue to follow the row crops as the lack of demand is still working against the market. The trade will also be watching the geopolitical situation in the Middle East with the Israeli strikes that killed both Hezbollah and Hamas leaders.
U.S. corn is competitively priced in the world, so at some point low prices will hopefully cure low prices. The question remains to be seen if low prices will bring demand? Also, how will these low prices and high inputs impact producer decision making for next year.
Soybean yields accross the midwest are expected to be good with cooler weather and precipitation in the forecast. Cooler weather and moisture should help the pods to fill without any issues. Kansas and Nebraska have been drought stressed but August forecasts show temp relief and some decent moisture chances.
Sept ’24 KC Wheat -2.75 @ $5.475
July ’25 KC Wheat even @ $5.855
Sept Corn -1.25 @ $3.875
Dec Corn -1.25 @ $4.0375
Aug Beans +9 @ $10.3625
Nov Beans +4.5 @ $10.2575
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
