Soybeans see corrective buying with disappointing Brazil rains and extended forecasts. Wheat sees more contract lows in KC on poor demand and corn follows. But with hedge pressure corn is also fading Mexico biz. Funds use early strength to liquidate in both cattle and hogs. Kent Beadle, Paradigm Futures, has more.
Soybeans up Disappointing Brazil Rain, Wheat Lower, Corn Follows: Funds Use Early Strength to Sell Cattle and Hogs
Soybeans up on corrective buying, disappointing Brazil rains. Wheat lower on poor demand, dragging down corn. Funds use early strength to liquidate in both cattle and hogs. Kent Beadle, Paradigm Futures, has more.
November 20, 2023 11:35 AM
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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.
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