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Daily Ag Direction 11/19/24The wheat complex is the focal point for this mornings trade, following through on yesterdays impressive gains from Black Sea risk premium. While wheat faced some selling pressure in the overnight and a lower trade on the Paris echange going into this morning's session, funds have come in to cover shorts in Chicago and that has kept things propped up for the time being. Domestically, yesterday's crop conditions report reflected recent rains as US ratings jumped from 44% to 49% G/E week on week, with Kansas +10% above average at 49% G/E and Oklahoma lagging average pace by 8% at 37% G/E. Dec corn is getting more comfortable around the $4.30 mark as funds have come in as buyers Dec/March spreads have tightened by a nickel over the past month based on strong front end export pace. Beans under light pressure this morning but holding psychological support over $10 on the nearby Jan contract and trying to hold that 20-day moving average. Dec corn is +2 at 4.31 Dec KC wheat is +6 at 5.61 July '25 KC wheat is +6.5 at 5.89 Dec Chi wheat is +8 at 5.55 July '25 Chi wheat is +7.5 at 5.89 Jan beans are -1.5 at 10.08 Feeder cattle continuing to run up, with nearby Nov +1.50 at 253.40 If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day! Matt Hartwell (316) 617-0690
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