Grains consolidating as funds are back in selling end of week, Soybean basis levels in Brazil have collapsed and SA weather looks a bit more favorable. Cattle make new highs again pushed by higher cash. Crude oil stalls after 9-weeks highs Thursday. Darin Newsom, Barchart, has details.
Funds Return to Sell Grains with Brazil Basis Hurting Soybeans: Crude Oil Stalls, Cattle Make More Highs
Grains consolidating as funds are back in selling end of week. Cattle make new highs again pushed by higher cash. Crude oil stalls after 9-weeks highs Thursday. Darin Newsom, Barchart, has details.
January 26, 2024 09:29 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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