Corn and Wheat Bounce on Short Covering, Profit Taking in Beans with Lower Bean Oil: Cattle Up for Third Day

Turn around Tuesday so wheat and corn were higher on corrective buying. Soybeans saw profit taking with lower bean oil also a drag. Cattle up for the third day, so it a bottom in? Arlan Suderman, StoneX, has more.

Turn around Tuesday so wheat and corn were higher on corrective buying. Soybeans saw profit taking lower bean oil was also a drag following 5-month lows in crude oil. Cattle up for the third day, so it a bottom in? Arlan Suderman, StoneX, has analysis.

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Sam Hudson of Corn Belt Marketing says funds sold the early bounce in grain markets with no bullish story.
After a down day on Tuesday the grain markets were higher early Wednesday a result of short covering according to Lane Akre, economist with Pro Farmer. However, he thinks the market has also taken out too much weather premium.
Dan Basse, president of Ag Resource Company, believes China bought a half million tons of U.S. soybeans last week.
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