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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Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
The grain markets were sharply lower Thursday morning with soybeans seeing 30-cent losses on disappointment the China summit has not produced any agricultural purchase agreements.
Sam Hudson with Cornbelt Marketing says corn and soybeans were firmer on inflationary buying and optimism regarding the China summit. Cattle soared with higher cash.
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