Grains see early strength with better economic news out of China and some lower private estimates on Brazil corn and soybeans. Weekly exports were better and while the China wheat cancellation was confirmed the market has priced it in. Corn was able to get above the 20-day moving average and we may be seeing some short covering in all the grains ahead of the WASDE. Cattle are mixed this morning ahead of cash development, hogs mostly higher trying to recover after profit taking and hedge pressure Wednesday. Kent Beadle, Paradigm Futures, has more.
Grains Rally Early Moving Past China Wheat Cancellation: So, What’s Driving the Rally?
Grains see early strength ahead of the WASDE and with some better demand news. Cattle are mixed ahead of cash development, hogs mostly higher trying to recover. Kent Beadle, Paradigm Futures, has more.
March 07, 2024 09:19 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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