Grains close mostly higher except for KC wheat, seeing corrective buying and crude oil strength. Soybeans led with help from bean oil and SA weather. Are the grains forming bottoms? Cattle lower despite a neutral COF on a lack of cash. Chip Nellinger, Blue Reef Agri-Marketing, has details.
Grains Mostly Higher but are Bottoms Forming? Cattle Disappoint After Neutral COF
Grains close mostly higher on corrective buying and crude oil strength. Are lows forming? Cattle lower despite a neutral COF on a lack of cash. Chip Nellinger, Blue Reef Agri-Marketing, has details.
January 22, 2024 03:18 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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