Daily Ag Direction 12/13/24
Corn export numbers from yesterday saw an uplift from PNW pull as Brazil's high domestic corn prices have opened Asian markets to US bushels. Movement in that direction is double YTD vs last year. The corn market saw a small trading range overnight as Wednesday's top reflects the demand bump from this week's WASDE report has been priced in and bulls are out of momentum for the time being.
Weather in South America continues to look cooperative for crop development as Argentine corn crop ratings are the highest in the last 5 years at 51% GtE and Brazlian crop analysts are increasing bean production numbers for this year's crop. Opposite the corn situation, Brazilian FOB values for bean are cheap vs the US are a displacing our export opportunities in the global markets. Bean futures continue to trade a narrow range with oil markets remaining supportive.
Wheat was steady through the overnight but lower this morning, as yesterday's corrective price action is spilling over into today's trade. Wheat export numbers came in at the low end of estimates yesterday. Keeping with the rangebound theme, however, Russian new crop production estimates are being lowered (78.7 MMT according to Sovecon) due to suboptimal conditions which is keeping a bid under the market.
March corn is -0.5 at 4.43
Dec '25 corn is -1.5 at 4.40
Jan beans are -7 at 9.88
Nov '25 beans are -6.5 at 10.07
March KC wheat is -2.5 at 5.60
July '25 KC wheat is -2 at 5.75
March Chi wheat is -3.5 at 5.55
July '25 Chi wheat is -4 at 5.70
Jan Feeder cattle are +.10 at 258.525
Feb Live Cattle are +.40 at 191.25
If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day!
-Matt
