Daily Ag Direction 8/1/24
Export sales numbers released this morning are lending some stability to the grain complex. Old crop corn came in below estimates but new crop came in toward the upper range as YTD pace remains in good shape vs. USDA's 2.225 bbu target. Wheat exports came in within the range of trade estimates and bean numbers showed improvement vs last week with 13.8 mbu old crop and 23.2 mbu new crop. Weather continues to look favorable for corn and bean yields as recent rains across the midwest keep high yield expectations intact. This has row crops under pressure following the open this morning, while wheat trying to hold support aided by the Euro narrative of lower production and disease pressure.
Sep KC wheat -1.5 at 5.47
Sep Chi wheat flat at 5.27
Sep corn -3 at 3.79
Dec corn -3.5 at 3.96
Nov beans -3.5 at 10.19
Aug feeders -.95 at 256.30
Aug live cattle -.525 at 186.65
If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day!
