Markets are seeing red as the risk off in outside markets is causing commodity wide fund selling, plus weak grain exports are a drag. Soybeans have done technical damage. Profit taking also hit the livestock. Cattle also await cash and report direction, hogs eye lower cutouts. Jeff Hoogendoorn, Professional Ag Marketing, has more.
Sea of Red: Risk Off Outside Markets Spill Over Create Commodity Wide Fund Selling
Risk off in outside markets is causing commodity wide fund selling, plus weak grain exports are a drag. Profit taking also hits the livestock. Jeff Hoogendoorn, Professional Ag Marketing, has more.
September 21, 2023 11:36 AM
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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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