Grains are mixed with corn under pressure on fund selling and the China corn export cancellation, soybeans seeing strong cash and forward spreads supportive, with frost and cold weather supporting KC and MN wheat. Cattle set back on the bearish COF, with hogs up on short covering and spread unwinding. Michelle Rook has the early summary.
Corn Lower After China Cancellation, Strong Cash Supports Soybeans: Cattle Lower on Bearish COF Placements
More fund selling in corn w/the China cancellation, strong cash and spreads support beans, with wheat trading weather. Cattle set back on the bearish COF, hogs up on short covering. Michelle Rook has details.
April 24, 2023 09:41 AM
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Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
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