Grain prices mixed early with corn and soybeans seeing a corrective bounce and getting help from the energy sector, while wheat is also seeing profit taking with new highs in the dollar and poor exports. Livestock are seeing early pressure on continued consolidation and lower product values, the higher dollar also is negative. Michelle Rook gets analysis with Rich Nelson of Allendale.
Grain Prices Open Mixed with Corrective Action, Livestock Under Pressure: News High in Dollar Eyed
Grain prices mixed with a corrective bounce in row crops, profit taking in wheat with new highs in the dollar. Livestock lower on consolidation. Michelle Rook gets analysis with Rich Nelson of Allendale.
September 22, 2022 08:53 AM
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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.
Jamie Gieseke with Paradigm Futures says commodities are starting to gain favor with the funds on inflation fears and that includes grains. A China deal could just add fuel to the fire.
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