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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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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