Contract lows in corn and 6 1/2 month lows in soybeans with risk off technical selling, and improved SA weather. Farmer selling and a higher dollar were also factors. How much lower will prices fall?. Hog and milk futures also saw pressure, while cattle chased higher cash. Bryan Doherty with Total Farm Marketing has more.
Risk Off Technical Selling Hits All but Cattle: Corn Makes New Contract Lows
Contract lows in corn, 6 1/2 month lows in soybeans with risk off technical selling, & improved SA wx. Hog & milk futures also fall, while cattle chased higher cash. Bryan Doherty, Total Farm Marketing has more.
January 02, 2024 02:46 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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