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.

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.

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Sam Hudson of Corn Belt Marketing says funds sold the early bounce in grain markets with no bullish story.
After a down day on Tuesday the grain markets were higher early Wednesday a result of short covering according to Lane Akre, economist with Pro Farmer. However, he thinks the market has also taken out too much weather premium.
Dan Basse, president of Ag Resource Company, believes China bought a half million tons of U.S. soybeans last week.
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