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Daily Ag Direction 11/4/24Good Morning!
Several fundamental concerns to provide market volatility this week. We have elections, a Fed meeting on Thursday, Iran threatening Israel, and big rains in HRW growing regions here in the US. Egypt is tendering for Nov/Dec shipment with Ukraine looking like the cheapest option at $263 mt FOB. Russian, EU and French wheat coming in at $264-$265/mt. COT report shows funds covering 52k corn contracts. Now funds are 33k contracts short. Beans seeing positivity as spec funds adding longs to bean oil. They are now 47k contracts long. Global crush remains at record pace which could put bean oil under pressure if the feed sector cannot keep up. Brazil and Argentina crops will start to take center stage in the fundamental soybean discussion and all will look to the elections to try and determine what potential trade tariffs could mean for future price action.
Dec KC Wheat +1.4 @ $5.68 July 25 KC Wheat -0.4 @ $6.00
Dec Corn +3.2 @ $4.18 Dec 25 Corn 0.0 @ $4.41
Jan Beans +3.2 @ $9.97 Nov 25 Beans +3.4 @ $10.36
Jan Feeders -0.750 @ $242.450 Dec Live -1.075 @ $185.825
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day! -Trent |
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