The soy complex was lower on profit taking on Brazil rain chances, while corn was higher on spread unwinding with beans and strong weekly exports. Wheat falls on poor demand. Cattle plunge with lower $2-$3 lower cash at $178 in the South, more $282 in the North, plus caution ahead of the COF Report, while hogs bounced on the long side of spreads with cattle. Demand fears tank crude oil. Jim McCormick, AgMarket.Net, has more.
Soy Complex Slides on Profit Taking & Brazil Rain Chances, Yet Corn Rallies: Cattle and Crude Oil Both Plunge
The soy complex slid on Brazil rain chances and profit taking, while corn bounced. Cattle plunged on lower cash, pre-COF caution. Demand fears tanked crude oil. Jim McCormick, AgMarket.Net, has more.
November 16, 2023 03:13 PM
Related Stories
Sam Hudson of Cornbelt Marketing says soybeans bounced as harvest pressure is subsiding and that should allow a bottom to be forged, especially with China buying.
Mark Schultz of North Star Commodity says the grain markets are oversold and due for a correction.
Naomi Blohm with Total Farm Marketing says the technical action is feeling like the market is probing for a low.
Read Next
Goliath, meet David. “It’s way past time for everyone to wake up,” says Fenn Church.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
