Corn bounces off new lows, with soybeans lower eyeing Brazil rains and wheat seeing profit taking with rains in HRW areas. Grain markets are facing shipping issues and farmers are more unsold than normal. Nick Tsiolis, Farmers Keeper, discusses all that and basis levels.
Corn Bounces Off New Lows, Soybeans and Wheat Lower Eyeing U.S. and SA Weather
Corn bounces off new lows, soybeans lower eyeing Brazil rains and wheat seeing profit taking. Grain markets face shipping issues & farmers are more unsold than normal. Nick Tsiolis, Farmers Keeper.
December 20, 2023 09:16 AM
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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.
Vince Boddicker of Farmers Trading Company says while no sales have been confirmed, just the rumors of China in the U.S. market looking for bids brought buyers back into the market.
Grains saw nice reversals and closed higher on Monday, which was a victory considering the amount of bearish news the market had to absorb according to Kevin Duling with KD Investors.
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