AgDay TV Markets Now: Alan Brugler, Brugler Marketing, says additional China wheat buys will be needed for funds to cover their short position and corn could follow. Cattle make new lows and may not be done going down yet.
AgDay TV Markets Now: Alan Brugler says More China Wheat Buys Needed to Fuel Rally, Cattle Make New Lows
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.
December 05, 2023 07:35 AM
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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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