Grains see profit taking and farmer selling post-WASDE with only slight changes, including a 25 mb cut in both corn and wheat ending stocks and a 2 mmt cut in Brazil soybean production. Cattle and hogs see a relief rally with help from softer grains. DuWayne Bosse, Bolt Marketing, has analysis.
Grains See Profit Taking Post WASDE with Minor Adjustments: Cattle and Hogs See Relief Rally
Grains see profit taking & farmer selling post-WASDE w/ 25 mb cut in both corn & wheat ending stocks, 2 mmt cut in Brazil soybeans. Cattle & hogs see a relief rally. DuWayne Bosse, Bolt Marketing, has more.
December 08, 2023 11:45 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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