Grains were mostly lower, with a risk off day stemming from lower outside markets like crude oil and Brazil rain chances. Wheat saw short covering with Black Sea shipping concerns reemerging. Cattle also fell with the drop in choice boxed beef, despite So. cash at $172 up $1. Hogs lower still waiting for cash to bottom. Kent Beadle, Paradigm Futures, has details.
Ag Markets Mostly Lower in Risk Off Day with Crude Oil Sinking, Brazil Wx; Wheat Bucks the Trend on Black Sea News
Ag markets mostly lower with risk off in markets like crude oil. Wheat adds Black Sea risk premium. Cattle also fell with lower CH beef, despite So. cash up $1. Hogs lower. Kent Beadle, Paradigm Futures, has more.
December 28, 2023 02:32 PM
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Soybeans ended higher as rumored export business was confirmed by USDA with a flash sale of 13.2 million bu. sold to unknown destinations. However, China was also looking for corn and wheat.
Wednesday morning USDA reported a flash sale of 13.2 million bushels of soybeans to unknown destinations and Randy Martinson with Martinson Ag says the market is betting that its China.
Soybeans were sharply lower in the overnight trade and then saw a gap higher open during the day session on talk that China was in pricing U.S. soybeans says Brian Grete with Commstock Investments.
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