Daily Ag Direction 3/4/25

Posted on Mar 04 at 10:39

No signs show of the selloff slowing down yet with commodities lower once again across the board as Tariffs, rain through the dry plains, & 94m n/c corn acres hang heavy over the markets head while the market is largely ignoring a weaker dollar & excellent export numbers. Funds are estimated to have sold off 80k contracts from their length with guesses around ~+250 net long. We’ll see on Friday what the damage is when the Commitment of Traders (COT) report releases.  

Plenty of questions about where the bottom of the market is and when we’ll see some support are still unanswered. May corn contract has moved underneath the 200 day moving average @ $4.57 with ease. Look for corn to make another stand at 4.40 May contract. May wheat putting in new contract lows. July Wheat is trading near the lowest levels all year which should ease sellers. May beans might find buyers to prop it up around 9.90, after that look for 9.60 May.

Contract	Symbol	Movement this session	Price	~Resistance	~Support
May 25 KC Wheat	KEK25	Down 17	5.44		5.40
July 25 KC Wheat	KEN25	Down 17	5.58		5.55
May 25 Corn	ZCK25	Down 12	4.44		4.40
December 25 Corn	ZCZ25	Down 9	4.42		4.40
May 25 Beans	ZSK25	Down 19	9.91		9.90
November 25 Beans	ZSX25	Down 22	9.96		9.95

 

Please reach out to your CEA Risk Management Advisor if you have any questions. 

-Kavan Killian 806.753.7099