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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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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