Corn and soybeans lost early gains on technical selling and bearish outside markets, despite decent export news. Wheat saw short covering but held gains even though news on Ukraine shutting the export corridor was refuted. Cattle saw more fund liquidation on the plunge in equities, with follow through short covering in hogs. Garrett Toay, AgTraderTalk, has details.
Corn and Beans Lower on Risk Off Technical Selling, Wheat Holds Gains: Funds Still Liquidating in Cattle
Corn and soybeans lost early gains on technical selling and bearish outside markets. Wheat saw short covering. Cattle saw more fund liquidation, with more short covering in hogs. Garrett Toay, AgTraderTalk, has more.
October 26, 2023 04:12 PM
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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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