Cattle extend gains in step with a higher stock market and correcting its oversold status but cautious ahead of the COF. Hogs see profit taking and spreading against cattle. Profit taking in soybeans, but corn tries to extend gains with higher wheat and Mexican export biz. Brad Kooima, Kooima Kooima Varilek, has more.
Cattle Continue to Consolidate Pushed by Equities, Hogs Retreat: Soybeans See Profit Taking, Corn Extends Gains
Cattle oversold, following higher equities but cautious ahead of COF. Hogs see profit taking and so do soybeans. Corn higher with wheat and Mexican export biz. Brad Kooima, Kooima Kooima Varilek, has more.
November 14, 2023 09:26 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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