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
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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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