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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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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