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Wheat and Corn Try to Hold Gains on China Sales, But Soybeans Break: Cattle Bounce but Will it Hold?
Corn and wheat try to hold early gains on a 7.3 mb SRW wheat sale to China but hit resistance. Plus, soybeans remove Brazil weather premium. Cattle bounce but will it hold? Randy Martinson, Martinson Ag, has more.
Cattle Trying to Bottom, While Hogs Fall on Spreads: More China SRW Wheat Biz Pulls Grain Complex Up
Cattle try to recover after new lows yesterday. Is a bottom close? Meanwhile hogs fall on cattle/hog spreads. Row crops follow wheat higher on more SRW sales to China. Brad Kooima, Kooima Kooima Varilek, has more.
After a year of struggles in 2022, this year’s crop reaped weather that was much more favorable for growing cotton. Burlison, Tenn., farmer Brad Williams describes this year’s growing season as almost perfect.
Wheat ends higher on fund short covering and China export biz. Soybeans remove Brazil weather premium, so corn ends flat. Cattle make new lows, gold reverses off new highs. Alan Brugler, Brugler Marketing, has more.
AgDay TV Markets Now: Alan Brugler, Brugler Marketing, says China needs to buy more wheat to get funds to cover their short position and corn could follow. Cattle make new lows and may not be done going down yet.
Canada’s wheat crop is estimated at 32.0 MMT by Statistics Canada, up from the 29.8 MMT forecast in September.