Corn makes new lows and then bounces but is there more downside risk? Soybeans do technical damage with fund liquidation and wheat also slides. Cattle end lower after making new highs this week on profit taking, hedge pressure and positioning ahead of the Fed meeting. Hogs bounce but are still in a sideways chart pattern. Oliver Sloup, Blue Line Futures has details.
Corn Recovers Off News Lows, Soybeans See Fund Liquidation: Live Cattle Make News Highs Then Retreat
Grains end mixed with corn bouncing after new lows but soybeans do technical damage. Cattle lower on profit taking after contract highs. Hogs bounce but are rangebound. Oliver Sloup, Blue Line Futures has more.
September 19, 2023 02:29 PM
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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.
Vince Boddicker of Farmers Trading Company says while no sales have been confirmed, just the rumors of China in the U.S. market looking for bids brought buyers back into the market.
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