Corn and wheat closed mostly higher with technical buying, despite the higher dollar. However, soybeans saw harvest pressure and the lower meal market a drag, along with the lack of weather issues during South American planting. Livestock closed higher with a corrective bounce but will there be any follow through buying? Michelle Rook talks to Shawn Hackett of Hackett Financial Advisors.
Grains Close Mostly Higher Except Soybeans Despite Dollar Strength: Corrective Buying in Livestock
Corn and wheat closed mostly higher on technical buying, with harvest pressure in soybeans. Livestock closed higher with a corrective bounce. Michelle Rook talks to Shawn Hackett of Hackett Financial Advisors.
October 05, 2022 03:50 PM
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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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