Soybeans make new lows for the move then bounce on short covering and report positioning. Technical selling in wheat also pulls down corn as well as harvest pressure. Cattle hit resistance and consolidate, while more fund liquidation hits the hogs. Tomm Pfitzenmaier, Summit Commodity Brokerage, has more.
Soybeans Bounce, Corn and Wheat Down on Report Positioning, Profit Taking: Cattle Consolidate, Funds Sell Hogs
Beans make new lows then see technical bounce and report positioning. Technical selling in wheat pulls down corn as well as harvest pressure. Cattle consolidate, funds sell hogs. Tomm Pfitzenmaier, Summit Commodity.
October 10, 2023 03:46 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.
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