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Corn, Wheat and Hogs Lower on Profit Taking and China COVID Cases: Soybeans and Cattle Trade Weather
Soybeans held SA weather premium, corn and wheat saw EOY profit taking and rising China COVID cases. LC made some new contract highs on weather and firming cash bids. John Heinberg, Total Farm Marketing.
China’s state-owned grains trader COFCO said a new joint venture it has set up with state stockpiler Sinograin to manage the country’s grain reserves will officially begin operations next month.
Corn and wheat seeing some end of year profit taking, while soybeans are building SA weather premium. Cattle are also supported by weather, profit taking in the hogs. Chuck Shelby of Risk Management Commodities.
Export tariffs on aluminum and aluminum alloys will be raised. The current import tariff will stay on seven types of coal until March 31, with tariffs adopted for most favored nations from April 1.
Corn, wheat see EOY profit taking on China COVID #s, soybeans up on SA weather. Cattle higher with lower corn & weather supportive, while hogs also see profit taking. Randy Martinson of Martinson Ag has details.
AgWeb is counting down the top 10 stories of the year. At No. 7, welcome to a tale too insane for fiction: a cottonmouth farmer seeking a snake venom crop for harvest.