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
Related Stories
Brad Kooima with Kooima Kooima Varilek says the charts look positive but he thinks a healthy correction is in store. He’s also skeptical about USDA’s new cash report.
DuWayne Bosse of Bolt Marketing says the managed money traders have hit the sell button with charts taking out key support and they may not stop until harvest reaches 60% to 70% done.
Jon Scheve of Scheve Grain says corn will have a difficult time finding a bottom until harvest pushes past 70%. After that the $8 billion of diesel aid will provide a bridge to help farmers store and wait for better prices.
Read Next
Josh Linville says tight nitrogen supplies, rising demand and global disruptions to sulfur supplies are keeping pressure on fertilizer markets, even if tensions in the Strait of Hormuz ease.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
