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
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Soybeans ended higher as rumored export business was confirmed by USDA with a flash sale of 13.2 million bu. sold to unknown destinations. However, China was also looking for corn and wheat.
Wednesday morning USDA reported a flash sale of 13.2 million bushels of soybeans to unknown destinations and Randy Martinson with Martinson Ag says the market is betting that its China.
Soybeans were sharply lower in the overnight trade and then saw a gap higher open during the day session on talk that China was in pricing U.S. soybeans says Brian Grete with Commstock Investments.
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