Daily Ag Direction 3/20/25
Good Morning!
Shorts continue to defend in wheat markets as we are trading 8 lower this morning. There is some talk of poor export sales numbers and snow helping the US wheat crop across Colorado, Kansas and Oklahoma but totals were relatively underwhelming. There were several export sales cancellations through Panama that were suspect to begin with. VSR calculations for wheat came out yesterday with the KWK/N spread coming in at 84% of financial full carry. If the KWK/N spread can stay at -13.25 or wider we could kick to VSR2. Corn exports sales were strong again this week. CK25 is surviving off the 200-day moving average so hopefully it can find some legs to trade higher. Main destinations for corn export business was Japan, Korea, Mexico, Taiwan, Colombia, Vietnam and Spain. Milo traded 28k tons to Mexico. Beans continue to manage above $10.00. Export sales to China of 270 mmt and Taiwan of 60 mmt. highlighted the bulk of the export business.
May KC Wheat -9.0 @ $5.86
July 25 KC Wheat -8.4 @ $6.00
May Corn +3.5 @ $4.66
Dec 25 Corn +1.2 @ $4.53
May Beans -2.6 @ $10.06
Nov 25 Beans -4.6 @ $10.05
Apr Feeders +0.350 @ $286.375
Apr Live +0.400@ $207.225
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
-Trent
