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Daily Ag Direction 6/10/24Good Morning! The wheat market continues to come under heavy pressure. A Turkish wheat import ban from June 21st through October 15th is a part of a greater market setup that is lacking bullish information. The USDA WASDE report on Wednesday will likely see USDA adding bushels to the US crop as HRW production is coming in above expectations. Open interest is falling in wheat with Chicago down 16k contracts and KC down 9k contracts. We are lacking export news which is also contributing to the selloff. Corn is holding its own this morning. The COT report showed funds as heavy sellers last week at 88k contracts. This brings the cumulative fund short to -219k contracts. Soybeans are contributing to the fund net short position and are looking for direction. Charts show buy signals but we will see if the bulls can take over. Last week saw price move higher on thoughts that Brazil would allow tax breaks on corn/soy to expire later this year. That could open up business for US exports to be more competitive. July ’24 KC Wheat -17 @ $6.49 July ’25 KC Wheat -18 @ $6.87
July Corn +1 @ $4.50 Dec Corn +0.5 @ $4.68
July Beans +3.5 @ $11.83 Nov Beans -1 @ $11.57
Sept Feeders +4.025 @ $259.875 Aug Live +2.575 @ $179.800
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day! |
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