Cattle again see fund selling on early strength and sloppy cash, hogs on the long side of cattle/hog spreads. Soybeans see profit taking with Brazil rains, while corn is up with a 5 mb sale to unknown and following wheat which saw a 4 mb SRW sale to China. Scott Varilek, Kooima Kooima Varilek, has details.
Funds Continue Selling Cattle with Sloppy Cash: Profit Taking in Soybeans with Brazil Rain, Corn Sees Export Biz
Cattle again see fund selling on early strength & sloppy cash, hogs up on cattle/hog spreads. Soybeans see profit taking w/Brazil rain, corn is up with a 5 mb export sale. Scott Varilek, Kooima Kooima Varilek, has more.
November 22, 2023 09:20 AM
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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.
The grain markets were sharply lower Thursday morning with soybeans seeing 30-cent losses on disappointment the China summit has not produced any agricultural purchase agreements.
Sam Hudson with Cornbelt Marketing says corn and soybeans were firmer on inflationary buying and optimism regarding the China summit. Cattle soared with higher cash.
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