Grains mostly lower on profit taking, rain chances in Brazil and spillover from outside markets with the lower crude oil and the firmer dollar. Cattle higher for the third day with help from the equity rally, but will it last if the COF is bearish? Hogs see a correction. John Heinberg, Total Farm Marketing, has more.
Grains Mostly Lower on Profit Taking, Brazil Rain Chances, Outside Markets: Cattle Up for Third Day with Help from Equities
Grains mostly lower on profit taking, rain chances in Brazil and spillover from outside markets. Cattle higher with help from the equity rally. Hogs correct. John Heinberg, Total Farm Marketing, has more.
November 15, 2023 02:31 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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