|
|
 |
|
|
Daily Ag Direction 11/13/24Good Morning!
Wheat is under heavy pressure from the last trading session. The general consensus is that the market is oversold but contract lows could have to provide support. Losing the risk premium from the North American market is causing a rift in support. Russian wheat plantings are expected to decline this year due to the dry fall similar to what the U.S. experienced. Russian wheat exports fell 500k mt from last week to 720k mt. Corn falling lower on sympathetic selling with wheat and the corn/wheat spread is getting closer to allowing wheat to enter rations. Weekly export was 31.2 mil bu. right in the middle of trade estimates. Mexico took 15 mil of that figure. January beans sitting on 20-day moving average as support. If conditions persist positively in South America the general consensus is pressure will continue downward on the Soy complex. Open interest in Soybeans increased by 10.5k contracts as new shorts came into the market.
Dec KC Wheat -3.2 @ $5.43 July 25 KC Wheat -4.2 @ $5.75
Dec Corn -1.6 @ $4.27 Dec 25 Corn -2.4 @ $4.40
Jan Beans -2.2 @ $10.01 Nov 25 Beans -8.0 @ $10.24
Jan Feeders -0.075 @ $243.400 Feb Live -0.075 @ $186.050
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day! -Trent |
|
|