Grains close mixed on Monday with a big rally in soybeans pulling up corn, while wheat ended lower. Cattle were mixed with hogs setting back. USDA dealt a few surprises in the WASDE, including lower soybean yield by 1.4 bpa and 600,000 less acres. Corn yield and ending stocks were right in line with estimates, but is the crop still getting smaller? Cotton production was up around 1 million bales but the market acted like it didn’t buy into the numbers, ending well off lows. Michelle Rook gets full analysis with Darren Frye of Water Street Solutions.
Markets End Mixed on Monday: Surprises in WASDE Take Soybeans Sharply Higher
Grains close mixed with a big rally in soybeans pulling up corn, while wheat ended lower after the WASDE. Cattle were mixed, hogs set back. Michelle Rook gets analysis with Darren Frye of Water Street Solutions.
September 13, 2022 02:54 PM
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Chip Nellinger with Blue Reef Agri-Marketing says the soybean market was disappointed China did not lower the 10% reciprocal tariff on beans and details were vague on other ag purchases.
Joe Kooima with Kooima Kooima Varilek says the cattle charts are looking more friendly after last week. While grains are disappointed in the lack of details from the China trade summit.
Grains recovered off the lows after USTR Jamieson Greer stated significant progress had been made with China, including on ag trade, and details would be released on Monday.
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