Soybeans under pressure on China GDP news, while corn and wheat struggle to hold early gains. Why? Cattle consolidating awaiting cash, while hogs remain concerned about weather backup up marketings. Kent Beadle, Paradigm Futures, has details.
Soybeans Fall, While Corn and Wheat Struggle to Hold Gains: Cattle Consolidate Awaiting Cash
Soybeans fall on China GDP news, while corn and wheat struggle to hold early gains. Why? Cattle consolidate awaiting cash, while hogs struggle with processing hiccpus. Kent Beadle, Paradigm Futures, has details.
January 17, 2024 11:37 AM
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Soybeans ended higher as rumored export business was confirmed by USDA with a flash sale of 13.2 million bu. sold to unknown destinations. However, China was also looking for corn and wheat.
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.
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