Corn lower on harvest pressure with a new low close. Soybeans and wheat saw technical buying and spread trade, amid a lack of news besides the FOMC meeting where rates were unchanged. Cattle were higher but are into chart resistance with profit taking in hogs. Ted Seifried, Zaner Ag Hedge, has more.
New Low Close in Corn, but Soybeans and Wheat See Technical Buying: Cattle Still Consolidating, with Profit Taking in Hogs
Corn sees harvest pressure with technical buying in soybeans and wheat amid a lack of news besides the FOMC decision. Cattle higher but into resistance, profit taking in hogs. Ted Seifried, Zaner Ag Hedge, has more.
November 01, 2023 03:07 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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