Grains open lower and then quickly turn mixed with soybeans rebounding on the China export business, but also seeing report positioning and spread unwinding. Livestock strong early with the lower corn and strong chart action in cattle. Michelle Rook has details with Rich Nelson of Allendale.
Grains Open Lower then Soybeans Rebound on China Biz, Report Positioning: Livestock Futures Rally
Grains mixed with soybeans rebounding on China export news, report positioning. Livestock rally with lower corn and technical buying in cattle. Michelle Rook has details with Rich Nelson of Allendale.
October 12, 2022 08:52 AM
Related Stories
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.
Jamie Gieseke with Paradigm Futures says commodities are starting to gain favor with the funds on inflation fears and that includes grains. A China deal could just add fuel to the fire.
Read Next
The U.S. House approved legislation to allow year-round sales of E15 gasoline nationwide, aiming to lower fuel prices while facing pushback over potential refinery costs and the impact on the national debt.
