AgDay TV Markets Now: John Payne, Hedge Point Global Markets says despite a smaller U.S. cotton crop due to drought, the market has not been able to rally due to macroeconomic demand concerns.
AgDay TV Markets Now: John Payne Says Despite Smaller U.S. Cotton Crop, Demand Concerns Press the Market
AgDay TV Markets Now: John Payne, Hedge Point Global Markets says despite a smaller U.S. cotton crop due to drought, the market has not been able to rally due to macroeconomic demand concerns.
November 08, 2023 06:42 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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Farmers in parts of the High Plains and Southeast need a break from relentless drought, while nationwide planting progress is outpacing the five-year average.
