After early strength in the grains on more China SRW sales, corn and soybeans are lower, wheat mixed. Technical resistance has been hit in several markets and the plunge in crude oil is also created risk off selling. More fund pressure in cattle, while hogs have traded 2-sided after news Smithfield will end contracts with 26 hog farms in Utah. Mike Zuzulo, Global Commodity Analytics, has details.
Grains See Technical and Risk Off Selling as Crude Oil Plunges: More Fund Selling in Cattle with Weak Cash, Hogs 2-Sided
Corn & soybeans are lower, wheat mixed as many markets hit technical resistance & follow lower crude oil. More fund pressure in cattle, while hogs are 2-sided. Mike Zuzulo, Global Commodity Analytics, has details.
December 06, 2023 11:48 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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