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 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.
Sam Hudson with Cornbelt Marketing says corn and soybeans were firmer on inflationary buying and optimism regarding the China summit. Cattle soared with higher cash.
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