Corn and soybeans higher after holding major support the market is getting more technical buying awaiting harvest data. Wheat is seeing profit taking with the higher dollar. Funds back buying in cattle awaiting cash, while hogs consolidate with the drop in cutouts. Chuck Shelby, Risk Management Commodities, has more.
Row Crops See Technical Bounce Continue, Profit Taking in Wheat: Funds Back Buying in Cattle, Selling in Hogs
Row crops see the technical bounce continue awaiting yield data, wheat sees profit taking on a strong dollar. Funds back buying in cattle, while hogs consolidate. Chuck Shelby, Risk Management Commodities, has more.
September 14, 2023 01:05 PM
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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.
Vince Boddicker of Farmers Trading Company says while no sales have been confirmed, just the rumors of China in the U.S. market looking for bids brought buyers back into the market.
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