Daily Ag Direction 12/30/24
Good Morning!
Trade turning positive to start the week as markets continue to watch South American weather closely. Buying in Paris wheat provides some support to US markets. With a short trading week we will see if market volatility increases even though there is little news to trade on at the moment. Russian FOB values increased slightly. Artic air in the coming weeks could provide some support to US markets as snow cover is light and some wheat is underdeveloped due to dry planting conditions. Ethanol production figures topped 1.1 million barrels/day for the second consecutive week. Dry weather across Argentina is providing the fuel for soybean moves higher. The Argentina Grain exchange lowered bean acres 1.1% last week.
Mar KC Wheat +2.2 @ $5.57
July 25 KC Wheat +2.2 @ $5.74
Mar Corn +0.6 @ $4.55
Dec 25 Corn +1.2 @ $4.42
Jan Beans -0.2 @ $9.80
Nov 25 Beans +2.2 @ $10.07
Mar Feeders -0.525 @ $260.025
Feb Live +0.100 @ $190.750
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
-Trent
