Corn and wheat crack new lows while soybeans struggle to hold gains with more fund selling and high stocks to use ratios. What will it take to turn these markets around? Cattle supported by higher beef going into the COF but awaiting cash. Interest rate rhetoric continues to ping pong so what does it mean for the outside markets? Darin Newsom, Barchart Sr. Market Analyst, has answers.
Funds Press Corn and Wheat Early, Soybeans 2-Sided: Cattle Follow Higher Beef
Corn & wheat see more fund selling, beans struggle to bounce. What will turn these markets around? Cattle up with beef, COF, await cash. Interest rate talk hits outside markets. Darin Newsom, Barchart, has more.
January 18, 2024 10:07 AM
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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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