Daily Ag Direction 04/01/25
Good Morning!
News out of Australia this morning that their new crop wheat production may fall to 28.6 mmt which is a 16% reduction. They are attributing the reduction to dry weather and planting area potential. Paris wheat seeing some export demand and Russian FOB values are creeping higher allowing US soft and hard wheat to be competitive in the export space. Crop conditions report yesterday has Oklahoma at 33% G/E, TX at 26% G/E, KS at 49% G/E, CO at 67% G/E and NE at 30% G/E. Corn holding on support and gaining ground today. Weekly corn inspections came in at 63.6 mbu. Which exceeded the top end of estimates which were 39-59 mbu. Mexico imported 16 mbu., Japan took 11.7 mbu. While S Korea, Columbia, Taiwan, Guatemala and Nicaragua took the remainder. Planting intentions and Stocks report showed 2025 corn acres at 95.236 million acres. Up 1 mil from trade guesses. Beans holding on as well trading above the 20-day ma. The May S&D will begin with the largest beginning stocks number in 3 years at 380 mil/bu. Acreage is expected at 83.495 million acres.
May KC Wheat +2.4 @ $5.59
July 25 KC Wheat +1.2 @ $5.71
May Corn +4.0 @ $4.62
Dec 25 Corn +4.4 @ $4.46
May Beans +9.0 @ $10.24
Nov 25 Beans +6.4 @ $10.26
Apr Feeders +0.275 @ $286.725
Apr Live -0.125 @ $207.675
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
-Trent
