A mixed day in grain and livestock markets. Soybeans held above $15 maintaining Argentina weather premium, while corn hit chart resistance and set back with wheat on end of the year profit taking and rising COVID cases in China. Live cattle made some new contract highs with weather and firming cash bids, while hogs consolidated. John Heinberg of Total Farm Marketing has details.
Corn, Wheat and Hogs Lower on Profit Taking and China COVID Cases: Soybeans and Cattle Trade Weather
Soybeans held SA weather premium, corn and wheat saw EOY profit taking and rising China COVID cases. LC made some new contract highs on weather and firming cash bids. John Heinberg, Total Farm Marketing.
December 29, 2022 02:18 PM
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Shawn Hackett with Hackett Financial Advisors says the market was removing China premium after the disappointing summit as the market wanted more details on ag purchases.
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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.
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