Daily Ag Direction 12/17/24
Slow news day in the commodity sector as all grains are showing lower this morning with March KC wheat & corn contracts correcting some potentially overbought situations following last weeks WASDE report, but still over $.10 higher than at the start of December. Soybeans, however, are losing traction and falling to near contract low areas at around 9.74 as of this typing.
Drought is becoming a serious concern in the Mexican wheat crop with rumors of crop production being cut up to 50%. Mexico is not a large producer of wheat at only around 2mmt average, but if Russian wheat is priced out then US wheat could backfill the production easily.
Markets as of 9:50 AM
March KC down 7 @ 5.52 / Wheat Resistance @ 5.75 / Support @ 5.45
- New crop July25 KC @ 5.68
March Corn down 2.5 @ 4.42 / Resistance @ 4.50 / Support @ 4.18
- New crop Dec25 @ 4.36
Jan Beans 9.73 / Resistance @ 10.10 / Support @ 9.75
- New crop Nov25 @ 9.85
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
