Daily Ag Direction 11.05.24

Good morning! As we head into Election Day 2024, grain markets & major stock indices are all slightly up.

Wheat planted is close to pace vs last year & against a 5 year average while wheat emergence lags behind 6% vs last year & 5% vs 5 yr average. Weekly exports for wheat (7.1mbu) were smaller than what is needed to keep up with the annual USDA export forecast (15.6mbu).

USDA Crop progress continues to indicate that corn & soybean harvest is well ahead of schedule. Meanwhile, Brazilian corn planting lagging at 59% vs. 66% last year and soybeans 54% vs. 51% last year, but progress will likely slow down this week as weather maps are calling for continued rain in Brazil.

November WASDE will be released this Friday, Nov 8^th. It does not typically introduce a lot of volatility to the market, but it has before. Joining the WASDE with election results starting to flow in tonight, producers should be ready for quick market shifts if they does occur.

Dec KC up 6 @ $5.7675 / Wheat Resistance @ 5.90 / Support @ 5.60

Dec Corn up 3 @ $4.1925 / Resistance @ 4.20 / Support @ 4.00

Jan Beans up 6 @ $10.02 / Resistance @ 10.10 / Support @ 9.75

Posted on Nov 05 at 09:16