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Grain markets were under pressure in yesterday’s trade but are firming up after defending significant support levels. Are the markets gearing up for an end of year rally?
Hot, dry weather in Mato Grosso, Brazil’s top soybean producing state, is expected to reduce soybean production by around 20% in 2023-24, according to farmer group Aprosoja.
AgDay TV Markets Now: Kevin Duling, KD Investors, says soybean market falls with rain forecast in Brazil, despite lower estimates and corn follows. Why does wheat buck the trend?
“I’m shooting for consistent averages around 75 or 80 bushels without stacking inputs,” says Matt Griggs. “ROI don’t lie.”
The latest computer forecast models for ENSO events suggest El Niño peaked a few weeks ago and will begin a steady decline in January.
Soybean fall with Brazil rain forecast; corn follows with concerns about the MX rail issue. Wheat sees short covering with talk of China biz. Cattle consolidate awaiting cash/COF. Kevin Duling, KD Investors has more.