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Daily Ag Direction 6/21/24Heading in to the weekend, bears are in control with only beans in the green. Beans are catching a slight bounce after plunging this week with little bullish news and spec funds trading the downside in absence of a weather threat. US policy on green diesel and export demand, particularly with China, loom as question marks on the balance sheet and the path of least resistance has proven to be to the downside this week. The corn market took a beating yesterday and since the overnight has managed to tread water around both sides of unchanged. Export sales missed estimates by 50% and the only weather story is localized flooding concerns for Minnesota and Northern Iowa. Otherwise, forecasts look cooperative going into pollination and are keeping a risk off tone for the time being. Wheat experienced a dead cat bounce in the overnight, carrying a 3 to 5 cent higher opening call into this morning's session, only to reverse lower following the open. Seasonals remain very bearish as domestic harvest rolls on and EU and Black Sea will start bringing in new crop in the coming weeks. Wheat - corn spreads are still very much in the conversation as the lows that corn is willing to put in will weigh on how far wheat can go. Weather markets, or lack thereof, will continue to be the focus of the trade. USDA will release an acreage report next Friday. Jul KC wheat is down 7 at 5.85 Jul Chi wheat is down 9.5 at 5.63 July beans are up 10.75 at 11.66 Nov beans are up 6.5 at 11.23 July corn is down 2 at 4.38 Dec corn is flat at 4.57 Aug feeders are down 1.25 at 258 Jun live cattle are up .55 at 187.6 If you have any questions, please reach out to your Risk Management Advisor and have a great day! |
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