Grains ended lower on Wednesday, initially reacting to news Russia was considering allow Ukrainian food exports, but with conditions. However, markets rebounded off their lows. Livestock futures could not hold on to early gains despite the lower grains. Michelle Rook has the analysis of the day with Rich Nelson of Allendale.
Markets Lower But Rebound Off Lows, Livestock Mixed
Grains slid again on Wednesday, but ended off lows. Livestock faded early gains.
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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.
Varilek says the slowdown in slaughter tied to ICE raids has hurt producers leverage in the cash market and it has been reflected in northern bids.
The market wants details, especially of what is included in the additional $17 billion prorated ag purchases China has promised, beyond soybeans
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