Corn hits new contract lows as USDA shocks the market with record yields and production. Soybeans also lower with higher yields, plus the cut in Brazil production was disappointing. Lower winter wheat acres and ending stocks failed to hold the market with low row crops. Live cattle saw pressure from weaker cash, while profit taking hit hogs and crude oil. John Heinberg, Total Farm Marketing, has details.
Grains End Lower After USDA Yield Shock. So How Much Lower Will Prices Fall? Cattle Trade Weaker Cash
Corn & soybeans tank on higher yields & production, with wheat following despite lower seedings & ending stocks. Live cattle followed lower cash, hogs consolidate. John Heinberg, Total Farm Marketing, has details.
January 12, 2024 02:48 PM
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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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