Grains higher in early trading on continued corrective buying and despite slightly bearish outside markets and a general lack of bullish news. What are the next technical objectives on the charts that must be cleared to continue the rally in grains? Cattle and hogs have both traded 2-sided as processors try to ramp back up and awaiting cash. Kent Beadle, Paradigm Futures. has more.
Grains Continue to Correct Despite a Lack of Bullish News: Livestock Firm with Product Values
Grains higher in early trading on continued corrective buying, despite slightly bearish outside markets. Kent Beadle, Paradigm Futures says the grain markets may have finally run out of sellers.
January 23, 2024 11:14 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.
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.
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