Corn and wheat see profit taking after the Tuesday rally. Soybeans rallied late with short covering in bean oil and still watching Brazil weather. Live cattle consolidated, with feeders up on lower corn. Hogs saw follow through selling except Dec. John Payne, Hedge Point Global Markets, has details.
Corn and Wheat Consolidate, Soybean Bounce Late: Mixed Closes in Livestock
Corn and wheat see profit taking. Soybeans rallied late with short covering in bean oil. Live cattle consolidated. Hogs saw follow through selling except Dec. John Payne, Hedge Point Global Markets, has details.
December 27, 2023 02:32 PM
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Grain markets were lower on Wednesday and to start Thursday, seeing profit taking after hitting key chart resistance and with cooler, wetter extended weather forecast for the Midwest. That’s according to Randy Martinson with Martinson Ag.
Live cattle futures were lower again on Wednesday and have spent several consecutive days under the 100-day moving average. Brad Kooima with Kooima Kooima Varilek says it is looking like more than a healthy correction.
Mark Knight of Farmers Keeper Financial says the market was looking for confirmation of China soybean purchases and now will need to see more sales to continue the rally.
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