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
Related Stories
Joe Kooima of Kooima Kooima Varilek says the gap lower opening in cattle futures Monday in response to the border reopening to Mexican imports was volatile. They anticipate more to come to price in the news, even after a $25 to $30 break in the futures recently.
Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
Read Next
Detailed service history helps 2,546-hour combine top $99,000 at Minnesota auction.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
