Grains continued to make fresh lows with risk off fund selling tied to lower crude oil and weather, with moisture in Brazil and HRW areas. Corn made contract lows, new lows for the move in soybeans and wheat. Live cattle reversed a higher opening, strong cash and weather after hitting chart resistance, feeders firm on soft corn. Hogs see more short covering trying to bottom. Randy Martinson, Martinson Ag, has details.
Risk Off Fund Selling Produces New Grain Lows: Live Cattle Fail After Higher Cash, Hogs Advance
Corn hits contract lows, new lows for the move in beans & wheat w/risk off fund selling on lower crude oil, U.S./Brazil wx. Live cattle consolidate despite strong cash. Randy Martinson, Martinson Ag, has more.
January 08, 2024 02:30 PM
Related Stories
Arlan Suderman, Chief Commodities Economist with StoneX says the corn and soybean markets were trading higher yields coming into the report and saw a positive reaction as a result.
Kyle Bumsted of Allendale, Inc. says, “The way we rallied off our lows here on Friday and the bounce we saw here on Monday, it does feel like cattle put in some sort of intermediate low.”
Mike Minor of Professional Ag Marketing says corn and soybeans were positioning ahead of the November WASDE with fears of higher yield.
Read Next
A rare, late-season cut of 1.6 bu. per acre to the national corn yield dropped ending stocks to 1.758 billion bushels, while stronger export demand trimmed soybean carryout despite record yields across the Western Corn Belt.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
