AgDay TV Markets Now: John Payne, Hedge Point Global Markets, says corn and wheat see profit taking. Grain markets will need a supply or demand shock to get a significant rally, even soybeans.
AgDay TV Markets Now: John Payne says Corn and Wheat See Profit Taking, Grains Needs Supply or Demand Shock for Big Rally
AgDay TV Markets Now: John Payne, Hedge Point Global Markets, says corn and wheat see profit taking. Grain markets will need a supply or demand shock to get a significant rally, even soybeans.
December 28, 2023 10:05 AM
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Grain markets were lower on Wednesday and to start Thursday, seeing profit taking after hitting key chart resistance and with cooler, wetter extended weather forecast for the Midwest. That’s according to Randy Martinson with Martinson Ag.
Live cattle futures were lower again on Wednesday and have spent several consecutive days under the 100-day moving average. Brad Kooima with Kooima Kooima Varilek says it is looking like more than a healthy correction.
Mark Knight of Farmers Keeper Financial says the market was looking for confirmation of China soybean purchases and now will need to see more sales to continue the rally.
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