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Daily Ag Direction 5/14/24Good Morning! Some weakness creeping in this morning as markets react to yesterday’s moves. Bean oil down hard due to new Chinese tariffs. Apparently there wasn’t anything changed related to UCO (used cooking oil) which is used as a substitute to bean oil in green diesel feedstock. Wheat markets continued strength in the overnight but are faltering in the day session. A break in Paris wheat and soybeans follows a big day full of information but the market will need to be tended regularly with new information to continue its rally. National corn plantings are reported at 49% completed which is 5% behind average and 11% behind last year. Winter wheat conditions stayed at 50% g/e which outpaces last year’s number by 29%. Fundamentals in the bean complex feel prohibitive today as some see a big bean crop coming if corn planting continues to lag. CONAB increased their corn and soybean estimates by 1 mmt bringing them a little closer to the USDA number. Bean planting progress at 35% compared to 45% last year. July ’24 KC Wheat -11 @ $6.89 July ’25 KC Wheat -7 @ $7.31
July Corn -4 @ $4.69 Dec Corn -1 @ $4.92
July Beans -11 @ $12.09 Nov Beans -8.5 @ $12.04
Aug Feeders +1.900 @ $253.250 June Live +1.475 @ $174.850
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day! |
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