Grains see follow through fund selling with poor technicals and improved SA weather. Cattle lower on profit taking and lower boxed beef, with short covering in hogs. The dollar higher for the 4th day ahead of the FOMC minutes. Tomm Pfitzenmaier, Summit Commodity Brokerage, has details.
Grains See Follow Through Technical Selling: Profit Taking in Cattle and Hogs
Grains see follow through fund selling with poor technicals and improved SA weather. Cattle lower on profit taking and lower boxed beef, with short covering in hogs. Tomm Pfitzenmaier, Summit Commodity, has details.
January 03, 2024 09:16 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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