Corn and wheat seeing technical selling, but lower crude oil, harvest pressure in corn and removal of war premium are also factors. Soybeans see a corrective bounce. Cattle try to consolidate after a meltdown yesterday. Hogs slide except Dec. Randy Martinson, Martinson Ag, has more.
Corn and Wheat See Technical Selling, Harvest Pressure, Outside Market Influence: Cattle Try to Consolidate After Meltdown
Corn and wheat seeing technical selling, but outside markets, harvest pressure, removal of war premium also factors. Soybeans see a corrective bounce. Cattle try to consolidate. Randy Martinson, Martinson Ag, has more.
October 24, 2023 12:02 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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