Corn and soybeans lower with fund selling on poor exports and removing Brazil weather premium, wheat was higher on short covering. Cattle set back with softer cash, while hogs bounced as the LHI is bottoming. Darren Frye, Water Street Solutions, has more.
Corn and Beans Slide into New Lows, Cattle Consolidate, but Wheat and Hogs Bounce
Corn and soybeans lower on fund selling w/poor exports & removing Brazil wx premium, wheat up on short covering. Cattle set back with softer cash, while hogs bounced. Darren Frye, Water Street Solutions, has more.
January 05, 2024 02:52 PM
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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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