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Daily Ag Direction 10/01/24Mixed bag for the market this morning with wheat up, corn flat to slightly higher, and soybeans flat/down to start off the morning session. Central US weather is warm & dry helping harvest move along at a good rate. USDA September Production & Stocks Summary released yesterday and contained some market movers. Corn stocks were 86 million below what the trade expected @ 1.76 bbu causing corn to break through some resistance sticking points that have kept a lid on any rallies since July. Key point for the day will be to see if the market can hold onto these gains and close above 4.20 zcz24 indicating that this rally & price levels will begin to establish a new trade range. Sept USDA was not nearly as eventful for Soybeans or wheat with it being relatively neutral for both. Nov soybeans did jump in the ride along with corn and traded up to $10.6975, highest price since July 26th, but could not hold onto gains and have since come down. Dry weather for harvest will also help along winter wheat plantings in the interior with USDA Crop Progress report showing wheat planting & emergings are ahead of pace from last year. Funds have been small buyers in wheat mostly due to bullish corn stocks & continued Russian dryness. US Corn exports are off on a good pace that we haven’t seen since 2018, averaging nearly 36 mbu/week with solid demand from Mexico, EU, & Japan. Port workers across Canada & the Eastern US seaboard have begun striking which could cause shortages of many products in the US if not resolved hastily.
Dec KC Wheat up 9 @ $5.9325 Resistance @~6.00 / Support @ 5.65 Dec Corn up 2 @ $4.2650 resistance @ 4.30 / support @ 4.10 Nov Beans flat @ $10.57 Resistance @~10.70 / Support @ 10.40
If you have any questions, please reach out to your CEA Risk Management Advisor. Have a good day! |
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