Daily Ag Direction 12/27/24
Yesteday's trade saw corn and beans surge higher on forecasts for Argentina turning warmer and drier and a fire at the Bunge crush plant in Cairo driving additional short covering into the bean complex. That short covering theme spilled over into wheat yesterday as well. But Holiday trading dynamics are back in the driver's seat today with lower volume and a softer corrective tone after yesterday's rally. Export sales numbers this morning were favorable, meeting or exceeding expectations across all grains. Yesterday marked a 6 month high for the March corn contract but technically speaking, it put corn in sell signal territory with beans not far off. Following the open today we have:
March corn is flat at 4.54
Dec 25 corn is -0.5 at 4.41
Jan beans are -6.5 at 9.81
Nov 25 beans are -5.5 at 10.04
March KC wheat is -4 at 5.47
July 25 KC wheat is -3.5 at 5.64
March Chi wheat is -2.5 at 5.38
July 25 Chi wheat is -2.5 5.56
Jan Feeders are +.425 at 259.75
Feb Live cattle are +.20 at 190.30
If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day!
