Grains see a lack of follow through buying after higher closes and possible reversal in corn Tuesday. Report positioning and CONAB’s estimates for Brazil disappoint. Cattle build wx premium with higher cash ideas. Hogs consolidate. Mike Minor, Professional Ag Marketing, has more.
Grains See Lack of Follow Through Buying Pre-WASDE, Cattle Add Weather Premium
No follow through in grains after higher day Tuesday, pre-WASDE. CONAB’s Brazil estimates disappoint. Cattle add wx premium w/higher cash ideas. Hogs consolidate. Mike Minor, Professional Ag Marketing, has more.
January 10, 2024 09:17 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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