Grains see fund and technical selling with risk off macroeconomic concerns spilling over from outside markets, plus a lack of bullish news beyond a soybean sale to China. Weather also played a role especially in wheat. Cattle see a technical bounce as the market was oversold and may have digested the COF news, hogs also bounced off contract lows. Matt Bennett with AgMarket.Net has more.
Grains See Risk Off Fund Selling with Lack of Bullish News: Livestock See Oversold Technical Bounce
Grains see fund selling with risk off in outside markets, plus a lack of bullish news beyond a soybean sale to China. Cattle and hogs see an oversold technical bounce. Matt Bennett, AgMarket.Net,has more.
October 25, 2023 02:37 PM
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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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