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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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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