Grains finally end higher but is it just a dead cat bounce because the market is oversold? Cattle make new highs for the move heading into the COF, while crude oil rallies in a risk on day with passage of the CR. Jim McCormick, AgMarket.Net has the wrap up!
Grains Finally Close Higher but Can the Market Build on It? Cattle and Crude Oil Also Rally
Grains finally end higher, but can the market build on it? Cattle make new highs for the move pre-COF, while crude oil rallies in a risk on day. Jim McCormick, AgMarket.Net has more.
January 18, 2024 03:12 PM
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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.
Vince Boddicker of Farmers Trading Company says while no sales have been confirmed, just the rumors of China in the U.S. market looking for bids brought buyers back into the market.
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