Soybeans Fall as China Buys Argentina Beans, Corn Follows: Cattle Hit All-Time Highs on Higher Cash

Soybeans down as China buys Argentina beans. Corn follows with harvest pressure. Wheat sees technical buying. Cattle make all-time highs on higher cash. Hogs consolidate. John Heinberg, Total Farm Marketing, has more.

Soybeans see profit-taking and a poor technical close with talk of China buying Argentina beans and a disappointing NOPA crush figure. That weighed on corn as well as harvest pressure. Wheat sees technical buying trying to put lows in. Cattle make all-time highs on higher cash, with $183 in the south up $3 and $292 in the north steady to $2 higher. Hogs are consolidating after hitting chart resistance. John Heinberg, Total Farm Marketing, covers it all!

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Wednesday morning USDA reported a flash sale of 13.2 million bushels of soybeans to unknown destinations and Randy Martinson with Martinson Ag says the market is betting that its China.
Soybeans were sharply lower in the overnight trade and then saw a gap higher open during the day session on talk that China was in pricing U.S. soybeans says Brian Grete with Commstock Investments.
Vince Boddicker of Farmers Trading Company says while no sales have been confirmed, just the rumors of China in the U.S. market looking for bids brought buyers back into the market.
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