Daily Ag Direction 11.26.2024
Wheat markets up to start the morning with President Elect Trump saying he would enact import tariffs on Canada & Mexico which would affect oat & durum wheat imports from Canada. Paris wheat is still pushing higher this morning as well. Wheat Crop Progress & Conditions report shows national wheat rating taking an improvement over the last report.
Corn is lower to flat this morning. Demand from Mexico is picking up in hopes for importers to get ahead of a new tariff once Trump takes office. Weekly export inspections revealed of 35.6M bu, Mexico took 16M of the shipments.
Soybeans flat to lower starting the day as bio-fuel policy seems to be the talk of the trade with a new administration on the horizon & Trumps pick for Sec. of Ag having little experience within the sector has traders guessing which direction policy will take regarding soybean products trade. Beans continuing to trade below 20 day moving average.
Dec KC up 6 @ $5.53 / Wheat Resistance @ 5.65 / Support @ 5.50
Dec Corn flat @ $4.24 / Resistance @ 4.30 / Support @ 4.18
Jan Beans down 2 @ $9.83 / Resistance @ 10.10 / Support @ 9.80
If you have any questions, please reach out to your CEA Risk Management Advisor. Have a good day!
Kavan Killian
RMA TX/OK Panhandle 806-753-7099
