Corn sees report hangover with lower wheat, soybeans pop with lower Brazil production and a record crush figure. Cattle try to hold gains watching wx. and awaiting cash, hogs look tired and concerned about hogs backing up. Vince Boddicker, Farmers Trading Company, has more.
Corn and Wheat Lower, While Soybeans Bounce on Crush & Lower Brazil Crop: Cattle Firm with Higher Beef
Corn sees report hangover with lower wheat, soybeans pop with lower Brazil crop, record crush. Cattle try to hold gains watching wx, cash, while hogs look tired. Vince Boddicker, Farmers Trading Company, has more.
January 16, 2024 01:24 PM
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Arlan Suderman, Chief Commodities Economist with StoneX says the corn and soybean markets were trading higher yields coming into the report and saw a positive reaction as a result.
Kyle Bumsted of Allendale, Inc. says, “The way we rallied off our lows here on Friday and the bounce we saw here on Monday, it does feel like cattle put in some sort of intermediate low.”
Mike Minor of Professional Ag Marketing says corn and soybeans were positioning ahead of the November WASDE with fears of higher yield.
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A rare, late-season cut of 1.6 bu. per acre to the national corn yield dropped ending stocks to 1.758 billion bushels, while stronger export demand trimmed soybean carryout despite record yields across the Western Corn Belt.
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