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Daily Ag Direction 11/18/24Good Morning!
News out of the Black Sea this morning as the White House “approved” long range missile strikes for Ukraine in an effort to bring Russia to the negotiation table. Wheat responding with big gains as a fear of escalation grips the region. Increased Russian attacks on Ukrainian logistics and energy infrastructure builds more risk premium for a market looking for direction after a big slide last week. Corn saw funds adding 96k contracts to their long position for a net long position of 100k contracts. Chinese corn imports for October came in at 250,000 tons off 87% from last year. Weather remains the story for beans were average or above average forecasts will put pressure on markets. The January contract traded below the 20-day moving average on Friday as a lack of yield concerns threatens bulls in the market.
Dec KC Wheat +16.2 @ $5.56 July 25 KC Wheat +13.2 @ $5.82
Dec Corn +4.0 @ $4.28 Dec 25 Corn +0.6 @ $4.41
Jan Beans +3.0 @ $10.02 Nov 25 Beans -0.6 @ $10.20
Jan Feeders +0.275 @ $247.500 Feb Live +0.275 @ $185.525
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day! -Trent |
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