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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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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