Soybeans and new contract highs in meal fuel the rally putting in SA weather premium and as export business picks up to China. Corn scores a key reversal following soybeans, but is it bottoming? Wheat is a reluctant follower. Cattle bounce off new lows but will funds continue to sell into this Friday’s COF Report? Hogs anticipate a seasonal cash low. Brian Grete, Pro Farmer, covers it all.
Markets End in the Green! Soybeans & Meal Lead, Trigger a Key Reversal in Corn: Cattle See Corrective Buying Off New Lows
Beans & meal up on SA weather, China export biz. Corn scores a key reversal but is it bottoming? Wheat is a reluctant follower. Cattle bounce off new lows. Hogs anticipate a cash low. Brian Grete, Pro Farmer, has more.
November 13, 2023 02:41 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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