Soybeans 2-sided with profit taking in meal but higher bean oil. Corn sees little follow through after the reversal, while wheat is mixed even with the sharply lower dollar on the CPI data. Cattle continue to correct pushed by the equities, while hogs see profit taking after running into chart resistance. Chip Nellinger, Blue Reef Agri-Marketing has more.
Soybeans 2-Sided with Product Tug of War, Disappointing Follow Through on Corn Reversal: Cattle Correction Continues
Soybeans 2-sided with mixed products. Corn disappoints after the reversal, wheat mixed. Cattle correct with equities; hogs see profit taking. Chip Nellinger, Blue Reef Agri-Marketing has more.
November 14, 2023 12:04 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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