Grain and livestock prices closed mostly lower on Wednesday except wheat. Wheat continued to try to retain some war premium despite some fresh 20-year highs in the dollar index. Corn and soybeans hit price resistance on the charts and saw profit taking and hedge selling pressure. Cattle and hogs set back on profit taking. However, there was also some money flow buying and selling ahead of the Fed announcement, with the FOMC raising their benchmark rate the expected 75-basis points. Michelle Rook get s details from Tommy Grisafi of Advance Trading.
Profit Taking Hits Grain and Livestock Prices Ahead of Fed Decision: Wheat the Exception Holding War Premium
Profit taking hit grain and livestock prices Wednesday ahead of the Fed announcement. The exception was wheat trying to retain war premium. Michelle Rook get s details from Tommy Grisafi of Advance Trading.
September 21, 2022 02:19 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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