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Daily Ag Direction 11/14/2024Good Morning! Wheat markets were lower overnight and into the morning with light volume seen. Much of the selling that has been seen seems to be intermarket spreading. Keep an eye on wheat for a bounce in short covering and backfilling. The corn market has moved lower following wheat down. Producers seem to be light sellers here unless they can get a $4.50 cash price. January soybeans followed the downward trend in oil/meal but has managed to hold the 20 day moving average. Crush volumes are important as the weaker pace of US bean exports would create surplus beans if the crush begins to fall on slow take in bean oil. Dec’24 KC Wheat is -6.25 @ $5.345 July ’25 KC Wheat is -7.25 @ $5.6575 Dec’24 Corn is -6 @ $4.205 Dec’25 Corn is -2.75 @ $4.375 Nov’24 Soybeans -14 @ $9.9025 Jan’25 Soybeans -12 @ $9.9575 Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day! Mike Hellman 580-532-5126 |
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