Corn and soybeans see profit taking Friday after hitting chart resistance, plus see a pickup in farmer selling. However, they post higher weekly closes and could build on that next week. SRW wheat up on China biz. Crude oil and cotton rally on Middle East conflict. Cattle consolidate. Darren Frye, Water Street Solutions, has the recap.
Corn and Soybeans Lower on Profit Taking but Post Higher Week: Crude Oil, Cotton Higher on Middle East Conflict
Corn and soybeans, even cattle see profit taking Friday. SRW wheat up on China biz. Crude oil and cotton rally on Middle East conflict. Darren Frye, Water Street Solutions, has the recap.
October 13, 2023 02:16 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.
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