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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Soybeans ended higher as rumored export business was confirmed by USDA with a flash sale of 13.2 million bu. sold to unknown destinations. However, China was also looking for corn and wheat.
Wednesday morning USDA reported a flash sale of 13.2 million bushels of soybeans to unknown destinations and Randy Martinson with Martinson Ag says the market is betting that its China.
Soybeans were sharply lower in the overnight trade and then saw a gap higher open during the day session on talk that China was in pricing U.S. soybeans says Brian Grete with Commstock Investments.
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