Daily Ag Direction 9/19/2024
Good Morning!
Wheat markets saw limited volume overnight which led to some selling with overvalued US futures remaining the theme. Forecast looks for western plains to get some timely rains for wheat planting.
Corn market is down this morning after attempted recent highs yesterday. The lower Mississippi river levels continue to be worrisome for interior basis levels as the lack of movement down river and big yields will plug up space and result in weaker basis values. Weather looks good into the weekend with more harvest ramping up.
Dec’24 KC Wheat -7.5 @ $5.71
July ’25 KC Wheat -7.75 @ $5.9625
Dec Corn is -4.5 @ $4.0825
Nov Beans +2.5 @ $10.165
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
