Funds continue to sell in grains with risk off from outside markets, fast planting, rain chances for HRW areas and Brazilian competition. Cattle continue to consolidate but cash is key and hogs are giving up early gains as the cash market needs to bottom to get funds to continue to cover their short position. John Heinberg of Total Farm Marketing has more.
Funds Sell in Grains on Risk Off, Planting Pace, Weather and Brazil Competition: Cattle Consolidate Awaiting Cash
Funds continue to sell in grains with risk off from outside markets, fast planting, rain for HRW areas & Brazil competition. Cattle consolidate but cash is key. John Heinberg, Total Farm Marketing.
April 25, 2023 11:28 AM
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Soybeans ended higher as rumored export business was confirmed by USDA with a flash sale of 13.7 million bu. to unknown destinations. However, China was also looking for corn and wheat.
Wednesday morning USDA reported a flash sale of 13.7 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.
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