Grains all lower with corn making new contract lows on technical selling and lack of positive news, soybeans still eye Brazil rain chances. Cattle sees fund buying with lower corn but is into chart resistance, hogs wait for cash to bottom. Garrett Toay, AgTraderTalk, has analysis.
Corn Hits New Contract Lows, Soybeans, Wheat and Hogs Also Slide Lower: Cattle Bounce
Grains lower on technical selling with the lack of positive news. Corn scores new contract lows, soybeans still eye Brazil rain chances. Cattle sees fund buying with lower corn. Garrett Toay, AgTraderTalk, has more.
December 20, 2023 02:14 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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