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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Soybeans ended higher as rumored export business was confirmed by USDA with a flash sale of 13.2 million bu. sold to unknown destinations. However, China was also looking for corn and wheat.
Wednesday morning USDA reported a flash sale of 13.2 million bushels of soybeans to unknown destinations and Randy Martinson with Martinson Ag says the market is betting that its China.
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.
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