Grains mostly lower on profit taking after corn, beans and meal hit chart resistance. Plus, there’s rain chances in Brazil and spillover from bearish outside markets like crude oil and the dollar. Cattle up for the third day but can it last into the COF? Darin Newsom, Barchart, has details.
Grains Lower on Profit Taking, Bearish Outside Markets Including Crude Oil: Cattle See Third Day Up
Grains lower on profit taking after hitting chart resistance, plus bearish outside markets like crude oil and the dollar. Cattle up for the third day but can it last into the COF? Darin Newsom, Barchart, has details.
November 15, 2023 11:28 AM
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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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