Corn falls and soybeans make new lows for the move and nears critical support with exports a MYL, plus better Brazil wx. Wheat bounces on short covering. Cattle 2-sided with beef lower and cash higher. Crude oil continues to rebound, what’s driving it? Darin Newsom, Barchart, has more.
Soybeans Make News Lows, Corn Follows but Wheat and Crude Oil Rally: Cattle 2-sided
Corn falls and soybeans make new lows for the move w/exports a MYL, & better Brazil wx. Wheat bounces on short covering. Cattle 2-sided with beef lower, cash higher. Crude oil up. Darin Newsom, Barchart, has more.
January 05, 2024 09:19 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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