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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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.
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