Daily Ag Direction 03/10/25
Good Morning!
We are looking at an exciting week ahead in markets with a chance to reestablish the uptrend and a fresh WASDE to root through. Not much expected out of the WASDE but we will see. China slaps Canada with a 100% retaliatory tariff on Canadian pea and canola products. They also will impose a 25% levy on pork and some seafood products all to take place on March 20th. If the US tariffs go into effect on April 2nd, Canada’s two biggest trade partners in Canola will have imposed tariffs on their exports. Wheat continues to find strength from MATIF markets helping to support corn this morning. Friday’s COT report indicates that corn losses came from profit taking and only 15% came from new shorts. That is a good sign. Unfortunately, the China-Canada tariff news has soybeans down this morning and Canola was effectively limit down. Southern Oklahoma picked up some very nice and much needed rain improving prospects the wheat crop there. Cattle markets surged higher on the week with feeders approaching contract highs and live cattle gaining back some serious ground. Some of this strength is attributed to technical buying which isn’t a term I use often. Weekly slaughter came in at 578k hd. To establish a four-week high. Choice cutout traded $3 higher and cash cattle showed serious strength as well. Watch out for recession talk as equities are off this morning and weakening consumer demand will be a major upset to this market if it materializes. What a difference a week can make, up and down.
May KC Wheat +13.0 @ $5.78
July 25 KC Wheat +13.0 @ $5.90
May Corn +0.0 @ $4.56
Dec 25 Corn -1.0 @ $4.53
May Beans -0.0 @ $10.10
Nov 25 Beans -5.5 @ $10.20
Mar Feeders -0.350 @ $277.800
Apr Live +0.450 @ $200.725
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
-Trent
