Daily Ag Direction 11/27/2024
Happy Turkey Eve!
Markets were choppy in the overnight session with spreads firming across all three commodities ahead of the Thanksgiving Holiday. The markets will be closed tomorrow for Thanksgiving and will open for a short day on Friday. Many traders are already out of the office for the holiday so look for volume to decrease today which can lead to some erratic movement in the markets in the days ahead.
We’ve seen some good corn and soybean sales announced recently, but that’s expected with the large supply. Brazil’s soybean crop continues to mature with high yields expected. Also, not seeing much for yield threats in Argentina either.
Mexican President Sheinbaum is promising retaliation tariffs in response to President Trump’s proposed tariffs. The past tells us that Trump will act on promises, but Sheinbaum has a history of protest negotiations in her career too.
Dec’24 KC Wheat is -2.25 @ $5.4825
July ’25 KC Wheat is -3.75 @ $5.6925
Dec’24 Corn is up a quarter of a penny @ $4.2025
Dec’25 Corn is even @ $4.3025
Jan’25 Soybeans +5.5 @ $9.89
Nov’25 Soybeans +2 @ $10.1475
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126
