A risk off day in outside markets including a higher dollar, has triggered fund selling in the ag markets, Weekly grain exports were also disappointing. Nov soybeans have taken out the 100-day MA. Cattle and hogs are also seeing profit taking after the higher day Thursday with cattle waiting for more cash news and the Cattle on Feed Report. Tomm Pfitzenmaier, Summit Commodity Brokerage, has more.
Grain and Livestock Fall with a Risk Off Day in Outside Markets: Soybeans Take Out Key Support
A risk off day in outside markets has funds selling in the ag markets, plus weekly exports were poor. Livestock see profit taking, as cattle await cash. Tomm Pfitzenmaier, Summit Commodity Brokerage, has more.
September 21, 2023 09:21 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.
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