Grains close lower with soybeans pressured by lower soybean oil and SA rains, corn and wheat removed war premium. However, corn held support with the largest one day purchase of corn by Mexico ever. Livestock ended higher with technical buying and softer corn helping out. Michelle Rook talks with Alan Brugler of Brugler Marketing.
Soybeans Lower Following Soybean Oil, Grains Removed War Premium: Technical Buying Supports Livestock
Grains close lower with soybeans pressured by lower soybean oil and SA rains, corn and wheat removed war premium. Livestock ended higher with technical buying. Michelle Rook w/ Alan Brugler, Brugler Marketing.
November 16, 2022 02:06 PM
Related Stories
Both classes of winter wheat ended limit up on the day as USDA shocked the market with their aggressive production cuts in the May WASDE according to Arlan Suderman, chief commodities economist, StoneX.
Vince Boddicker with Farmers Trading Company, says grain markets rallied on Monday adding risk premium on the war headlines but also positioning ahead of the May WASDE and China summit.
Cattle futures posted lower weekly closes and Brad Kooima with Kooima Kooima Varilek says the action was a red flag to him since it came after record fed cash trade.
Read Next
“I’m just a farmer in their way,” says Georgia producer Jeff Melin. “Force me to sell, take my land, and fly in the billionaires and big companies.”
