Daily Ag Direction 12/24/24
As reasonably expected with a short day trade before the Christmas holiday, markets are all trading within their ranges & no large volatility to be seen. Corn is inching higher to the 200 day moving average price resistance of $4.50 March 25. This is the 4th time since the corn market fell back in June that we will test near $4.50.
Wheat still positioned near the bottom of the contract as forecasts show rainfall in much of the central & southern US HRW growing areas to end a dry spell in spite of Russia reducing their export quota for the rest of 2024 suggesting concern over wheat stocks in country. Soybeans are bouncing out of the contract lows after being oversold the past week.
Markets close today at noon, closed all day tomorrow, & reopen on Thursday for regular trading hours. From all of us here at CoMark Equity Alliance, we wish you a Merry Christmas!
Kavan Killian
RMA TX/OK Panhandle 806-753-7099
Markets as of 9:24 AM
March KC down 6 @ 5.45 / Resistance @ 5.75 / Support @ 5.45
- New crop July25 KC @ 5.60
March Corn flat @ 4.47 / Resistance @ 4.50 / Support @ 4.30
- New crop Dec25 @ 4.38
Jan Beans up 3 @ 9.72 / Resistance @ 9.90 / Support @ 9.60
- New crop Nov25 @ 9.91
