Daily Ag Direction 8/2/24
Short covering going into the weekend has grains in the green across the board this morning. Macros are dominating the headlines today with the dollar sharply lower following poor jobs numbers. Wheat catching some support from firmer Russian FOB values this week, in addition to ongoing quality concerns in western Europe. Corn charts are looking oversold with RSI below 50 on the weekly. The weekly chart for Nov beans looks be another lower high for the complex, down 33 cents on the week and $1.03 in the last 30 days. StoneX posted corn and beans yield projections yesterday, with corn yield at 182.3 and beans at 52.6. Both looking for a larger demand story to temper the potential increase in surplus.
Sep KC wheat is +6.5 at 5.61
Sep Chi wheat is +6.25 at 5.38
Sep corn is +5 at 3.87
Dec corn is +5 at 4.03
Nov beans are +13 at 10.29
Aug feeders are -2.60 at 250.55
Aug live catlle are -.125 at 184.675
If you have any questions please reach out to your CEA Risk Management Advisor and have a great day!
