Wheat and corn continued to slide on Wednesday with traders buying into the idea that Russia will allow Ukrainian exports to resume and with corn planting picking up that also pressured the market. Soybeans rebounded with a huge hedge fund exiting some positions and some help from China export business, but the action did not negate the key reversal in beans. It was a corrective day in cattle and hogs at well. Jim McCormick of AgMarket.Net discusses the action with Michelle Rook.
Corn and Wheat Continue to Slide Wednesday
Wheat and corn continued to slide on Wednesday with a rebound in soybeans and livestock.
June 01, 2022 02:48 PM
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Kyle Bumsted of Allendale says corn was taking a breather after 20 cent report gains on Wednesday. Cattle and hogs were down hard.
Dave Chatterton of Strategic Farm Marketing says USDA provided some positive data for the corn market in the WASDE and could be headed for $5.
USDA’s August report cut corn yields by 2.3 bushels per acre while strong export demand tightened ending stocks, avoiding the bearish surprise traders feared from last year.
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