Daily Ag Direction 3/21/25
Good Morning!
Wheat is finding some traction this morning jumping off support from the 200-day moving average. This is a good sign to continue the rally. This market needs a close above $6.00/bu. to really establish a floor here. French soft wheat is 74% G/E compared to 66% a year ago. The International Grains Council estimated the 2025/26 global corn production at 1.269 billion tonnes up 0.052 billion tonnes from last year. They are also predicting a US corn production number of 394.2 mmt up from 377.6 mmt last year. The Buenos Aires Grain Exchange is predicting a 2024/25 Argentine soybean crop of 49.6 mmt which is 1 mmt higher than last year. Warm temps build into the Southwestern US in the 6-10 day with normal to slightly above normal rain chances for much of Texas, Oklahoma and Kansas. Cattle on feed are expected to show 98.3% of last year wit Feb placements at 86%. Marketings are expected to come in at 91.9% in a market full of fireworks.
May KC Wheat +5.6 @ $5.92
July 25 KC Wheat +5.6 @ $6.07
May Corn -4.2 @ $4.65
Dec 25 Corn -1.4 @ $4.52
May Beans -5.2 @ $10.08
Nov 25 Beans -4.4 @ $10.06
Apr Feeders -0.600 @ $287.850
Apr Live +0.625 @ $209.100
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
-Trent
