Grains bounce on technical buying with Thursday’s selloff overdone and outside and energy markets rebounding. So, will diesel fuel retest the 2022 highs? Plus, cattle recover with cash steady to $1 but how long will funds defend their long position? Darin Newsom, Sr. Market Analyst with Barchart shares insights.
Grains See Technical Bounce as Outside and Energy Markets Recover: Cattle Rebound on Steady to Higher Cash
Grains bounce on technical buying with Thursday’s selloff overdone and outside and energy markets rebounding. Plus, cattle recover with cash steady to $1. Darin Newsom, Sr. Market Analyst with Barchart shares insights.
September 22, 2023 09:27 AM
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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.
Vince Boddicker of Farmers Trading Company says while no sales have been confirmed, just the rumors of China in the U.S. market looking for bids brought buyers back into the market.
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