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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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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