Grains started higher but turned mixed with short covering in soybeans following soybean oil, while wheat is seeing profit taking and corn is caught in the tug of war in the middle. Livestock continue to hold gains with a risk on outside market environment spilling over and a technical bounce after getting oversold. Michelle Rook visits with DuWayne Bosse of Bolt Marketing.
Livestock Hold Early Gains in Risk on Session: Grains Mixed with Some Corrective Action
Grains have turned mixed with short covering in soybeans, profit taking in wheat and corn caught in the middle. Livestock seeing a short covering bounce. Michelle Rook visits with DuWayne Bosse of Bolt Marketing.
October 03, 2022 11:25 AM
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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.
Jamie Gieseke with Paradigm Futures says commodities are starting to gain favor with the funds on inflation fears and that includes grains. A China deal could just add fuel to the fire.
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