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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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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