Fed raises interest .75. What does that mean for commodities? Corn and wheat move lower taking out war premium. Now what? Soybeans up with help from BO, technical buying and China demand hopes. AgDay’s Michelle Rook chats about Wednesday’s markets close with Ted Seifried of Zaner Ag Hedge.
Fed Raises Rates, Corn and Wheat Take Out War Premium, Soybeans Are Up Following Soybean Oil
Fed raises interest .75, corn and wheat move lower and soybeans are up with help from technical buying and China demand hopes. AgDay’s Michelle Rook chats with Ted Seifried of Zaner Ag Hedge.
November 02, 2022 04:25 PM
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A day after making new highs for the year and hitting the highest levels in three years, the soybean market saw some profit taking and consolidation. Corn and wheat resumed their rally.
Corn and soybeans saw some early profit taking pressure on Tuesday after running into chart resistance and with better than expected crop ratings.
Soybeans gapped higher Sunday night and made new highs for the move again on Monday says Mark Schultz with Northstar Commodity.
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