Corn makes a new low close with on report hangover and lower wheat, plus bearish outside markets. Soybeans bounce with a record crush and lower Brazil estimates. Cattle stage a chart breakout on weather, higher beef and cash ideas. Hogs fail. Ted Seifried, Zaner Ag Hedge, has details.
Corn Falls on Report Hangover with Lower Wheat, Soybeans Bounce: Cattle Have Chart Breakout
Corn falls on report hangover, lower wheat, bearish outside markets. Soybeans pop on a record crush, lower Brazil crop. Cattle see a chart breakout on wx, higher beef, cash ideas. Ted Seifried, Zaner Ag Hedge, has more.
January 16, 2024 03:18 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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