AgDay TV Markets Now: Chip Nellinger, Blue Reef Agri-Marketing says grains close higher with corrective action after holding long term lows.
AgDay TV Markets Now: Chip Nellinger says Corn and Soybeans End Higher with Corrective Buying Off Support
Corn and soybeans held long term support last week and built on it with Monday’s close.
January 22, 2024 06:01 PM
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DuWayne Bosse of Bolt Marketing says the managed money traders have hit the sell button with charts taking out key support and they may not stop until harvest reaches 60% to 70% done.
Jon Scheve of Scheve Grain says corn will have a difficult time finding a bottom until harvest pushes past 70%. After that the $8 billion of diesel aid will provide a bridge to help farmers store and wait for better prices.
Arlan Suderman of StoneX says corn and soybean charts have seen damage which triggers algorithmic selling and the end users are content to let the market come to them.
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