Grains break hard and make new lows in corn and soybeans with fund selling in a risk off day including crude oil, plus weekend rain in Brazil. Cattle off of highs and big early rally, despite higher cash and a winter storm. Hogs extend gains. DuWayne Bosse, Bolt Marketing, has more.
Grains Break with New Lows in Corn and Beans in Risk Off Day: Cattle Off Highs Despite Higher Cash
New lows in corn & soybeans on risk off funding selling following crude oil, plus rains in Brazil. Cattle off highs, despite strong cash & wx. Hogs extend gains. DuWayne Bosse, Bolt Marketing, has more.
January 08, 2024 12:31 PM
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Soybeans ended higher as rumored export business was confirmed by USDA with a flash sale of 13.2 million bu. sold to unknown destinations. However, China was also looking for corn and wheat.
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.
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