Cattle struggle to extend Wed. gains awaiting confirmation of higher cash and COF, hogs bounce with better exports. Corn sees short covering off new lows but may struggle with the MX rail issue and with lower soybeans as they extract SA weather premium with improved rains. Brad Kooima, Kooima Kooima Varilek, has details.
Cattle Struggle Awaiting Cash, COF News: Corn Sees Corrective Buying Off New Lows, Soybeans Remove SA Risk Premium
Cattle struggle awaiting confirmation of higher cash and COF, hogs bounce on better exports. Corn sees short covering off new lows, soybeans extract SA wx premium. Brad Kooima, Kooima Kooima Varilek, has details.
December 21, 2023 09:22 AM
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Soybeans ended higher as rumored export business was confirmed by USDA with a flash sale of 13.2 million bu. sold to unknown destinations. However, China was also looking for corn and wheat.
Wednesday morning USDA reported a flash sale of 13.2 million bushels of soybeans to unknown destinations and Randy Martinson with Martinson Ag says the market is betting that its China.
Soybeans were sharply lower in the overnight trade and then saw a gap higher open during the day session on talk that China was in pricing U.S. soybeans says Brian Grete with Commstock Investments.
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