Grains close mixed and fail to confirm the bottoms are in with a lack of follow through in corn and soybeans after reversals, strong weekly exports and China soybean biz. says the funds are selling every rally. How long will it last? Tomm Pfitzenmaier, Summit Commodity Brokerage has the answer.
Grains End Mixed and Fail to Confirm Lows as Fund Sell Every Rally: When Will That Change?
Grains close mixed & fail to confirm a low with a lack of follow through in corn & soybeans after reversals, strong weekly exports and China soybean biz. Tomm Pfitzenmaier, Summit Commodity Brokerage, has more.
January 19, 2024 02:32 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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