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Daily Ag Direction 11/22/24The main question for today's session is will there be any short covering going into the weekend or will traders be content to ride the steady mixed tone of the overnight? The risk premium that gave all grains a shot in the arm on Monday has steadily tapered as the week has worn on; Black Sea headlines did not keep the attention of bulls and beans have fallen off due to lack of perceived weather risk in South America. This week's 2% slide in bean futures has brought in buyers as flash sales are showing up from China/Unknown. Beans took a plunge yesterday on the technicals, falling off the 20 day moving average and seeing the RSI drop to 38. Wheat and corn are looking more range bound, with corn being reluctant to retest the double top around $4.34 but equally disinterested in dropping too deep into the $4.20's. with as flashy of a start to the week as we saw on Monday, Dec corn only traded a range of 9.75 cents going into today, and it looks like that is going to hold. Dec corn is +1.5 at 4.28 Jan beans are +0.5 at 9.78 Dec KC wheat is +2.5 at 5.58 July '25 KC wheat is +1.5 at 5.84 Dec Chi wheat is -0.5 at 5.48 July '25 Chi wheat is -0.5 at 5.86 January feeder cattle are +.425 at 253.875 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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