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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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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