Soybeans, meal and corn fall with end of month profit taking, but watching SA weather, China export news and outside markets like crude oil, plus the FOMC meeting. Cattle extend gains and start to fill chart gap areas, plus a 4th up day for hogs. So can livestock continue this momentum? Chip Nellinger, Blue Reef Agri-Marketing has details.
Soybeans, Meal and Corn See Profit Taking, Watching SA Weather, Outside Markets: Livestock Continue to Rally
Soybeans, meal and corn fall on profit taking, watching SA weather, China export news, crude oil. Cattle and hogs extend gains, can they keep going? Chip Nellinger, Blue Reef Agri-Marketing has details.
October 30, 2023 02:48 PM
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Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
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.
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