Daily Ag Direction 2/12/25
Corn gave little news to encourage more fund buying into the market and will continue to struggle move past $5 March 25 resistance. Chinese import estimates were also lowered by 3mmt to 10mmt. Southern Brazil is getting rain over the next week relieving the most drought stricken area of the country.
|
Country (Corn) |
|
Change |
Feb 11 Report |
Avg Trade guess |
|
US |
24/25 End Stocks |
0 |
1.54 billion bu |
1.526 |
|
Brazil |
24/25 Production |
-1 |
126.00 mmt |
126.74 |
|
Argentina |
24/25 Production |
-1 |
50.00 mmt |
49.50 |
Soybeans lead the commodities lower 32 cents post WASDE and 53 cents off the February highs (March 25 contract). USDA made a conservative cut to what is still a record breaking production estimate for Brazilian beans.
|
Country (Soybeans) |
|
Change |
Feb 11 Report |
Avg Trade guess |
|
US |
24/25 End Stocks |
0 |
380 million bu |
374.0 |
|
Brazil |
24/25 Production |
-1 |
169.0 mmt |
169.64 |
|
Argentina |
24/25 Production |
-3 |
49.0 mmt |
50.49 |
The only substantial change wheat saw was food usage going up and ending stocks reducing by the same amount from 798 to 794 mbu was less than trade expectations at 799 mbu just enough to keep the bears away for now. Chinese imports estimates of wheat hit a 5 year low, 8 MMT. Report viewed as neutral,
Markets as of 10:45 AM
|
Contract |
Symbol |
Movement this session |
Price |
~Resistance |
~Support |
|
March 25 KC Wheat |
KEH25 |
Up 3 |
5.96 |
5.99 |
5.88 |
|
July 25 KC Wheat |
KEN25 |
Up 2 |
6.14 |
6.20 |
5.95 |
|
March 25 Corn |
ZCH25 |
Up 3.5 |
4.87 |
4.99 |
4.85 |
|
December 25 Corn |
ZCZ25 |
Flat |
4.71 |
4.74 |
4.60 |
|
March 25 Beans |
ZSH25 |
Down 17.5 |
10.26 |
10.50 |
10.25 |
|
November 25 Beans |
ZSX25 |
Down 12 |
10.43 |
10.70 |
10.40 |
Have a great day!
Kavan Killian
