Daily Ag Direction 04/15/25
Good Morning!
It is a quiet Tuesday in markets as most trade talk revolves around export estimates and the weather forecast for the end of the week. Easing drought concerns in Ukraine will help with the risk off attitude in wheat but areas of Europe are expected to worsen. The funds increased their short position by 6k contracts on wetter weather forecasts for Europe in the coming 2 weeks. Corn planting came in this week at 4% complete compared to 6% last year. The rain forecasts affecting us at the end of the week will also slow corn planting but that is a non starter until later in the year. Funds decreased their long position by 8k contracts on wetter forecasts for Brazil. Soybean planting is just getting started at 2% and funds sold 2k soybean contracts and 3k soymeal contracts. March NOPA crush is expected to post 197.6 million bushels compared to 177.9 million bushels in February. Wheat around Enid is beginning to head under moisture stress, but for the most part crops in my area look to be holding on for the coming rain. As of April 1st, OSU is not reporting any stripe or leaf rust in Oklahoma but Texas has observed rust infections as early as February 26th so we will see if it moves north under higher moisture conditions.
May KC Wheat -3.4 @ $5.52
July 25 KC Wheat -4.2 @ $5.66
May Corn -4.4 @ $4.81
Dec 25 Corn +1.6 @ $4.64
May Beans -8.2 @ $10.34
Nov 25 Beans -3.2 @ $10.25
Apr Feeders +1.000 @ $289.050
Apr Live +0.800 @ $204.750
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
-Trent
