USDA provided a bullish surprise for soybeans in the October WASDE dropping yield to 49.8 bpa and leaving ending stocks at 200 million bushels. Corn and wheat numbers came in below September, but above expectations. Meanwhile live cattle failed after strong chart action early. Michelle Rook gets details from Brian Splitt of AgMarket.Net.
Soybeans Get Bullish Surprise in Report, Slightly Bearish for Corn and Wheat: Cattle Fail After Strong Chart Action
USDA provided a bullish surprise for soybeans in the WASDE. Corn and wheat numbers came in below September, but above expectations. Live Cattle fail. Michelle Rook talks with Brian Splitt of AgMarket.Net.
October 12, 2022 11:48 AM
Related Stories
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.
Jamie Gieseke with Paradigm Futures says commodities are starting to gain favor with the funds on inflation fears and that includes grains. A China deal could just add fuel to the fire.
Read Next
The U.S. House approved legislation to allow year-round sales of E15 gasoline nationwide, aiming to lower fuel prices while facing pushback over potential refinery costs and the impact on the national debt.
