Corn and wheat see technical selling on macroeconomic concerns, while soybeans put in some South American weather premium with help from meal. Cattle try to recover after a meltdown in reaction to the COF, while hogs see more contract lows except Dec. Arlan Suderman, StoneX has the recap.
Macroeconomics Press Corn and Wheat, Soybeans Bounce with Meal: Cattle Consolidate After COF Meltdown
Corn & wheat see technical selling on macroeconomic concerns, while soybeans put in some South American weather premium. Cattle try to recover after the COF meltdown. Arlan Suderman, StoneX recaps.
October 24, 2023 02:25 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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