Corn sees harvest pressure and makes a new low close, with soybeans higher on China talk and lower Brazilian estimates. Wheat sees a short covering bounce. Cattle fill the chart gap and close above it with help from the rally in the equities, but can they keep rallying? Hogs also impressively close above chart resistance. Alan Brugler, Brugler Marketing, covers it all!
Higher Closes, Except Corn Scores a New Low Close: Soybeans Up on China Hopes, Brazil Crop, Impressive Day in Livestock
Corn scores a new low close, with soybeans higher on China talk and lower Brazilian estimates. Wheat sees short coveriing. Cattle close the chart gap with higher equities. Alan Brugler, Brugler Marketing, has more.
November 02, 2023 02:36 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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