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Daily Ag Direction 8/14/24Grains trying with mixed success to bounce this morning after a rough overnight session which saw new contract lows for beans, poor volumes in corn, and Paris wheat gapping lower. Follow through from Monday's USDA report continues to weigh on the market as bullish news is hard to come by. Wires reported Egypt looking to Russia for a 1.8 mmt tender of milling wheat following a smaller (.28 mmt) purchase of wheat from Ukraine/Bulgaria earlier this week. The lack of support in the Paris market looks to continue to drag the complex lower. Corn seeing a glimmer of export hope with the Ukranian Ag Council lowering 2024 production etimates to 21 mmt, well below USDA's recent 27 mmt and last year's 30 mmt crop. However...Brazilian production and export numbers sit poised to partially offset some of that opportunity. Overall, grain complex hoping that demand gets stirred up and provides opportunties to churn through the increasingly burdensome stocks. Weather forecasts giving no cause for alarm in the near term and domestic supply side trading will be looking to September yield estimates / Pro Farmer tour for next indications on this year's finishing crop. Sep KC wheat -3.5 at 5.44 Sep Chi wheat +1 at 5.29 Sep corn flat at 3.78 Dec corn flat at 3.97 Nov beans +7.25 at 9.695 Aug Feeders +.425 at 246.90 Aug Live Cattle -.075 at 183.925 If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day! |
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