Grains are mixed with positioning ahead of the reports and weak exports, soybeans are oversold and seeing corrective buying. Have the grain markets already priced in a bearish report? Cattle reversed a lower start with higher cash ideas and weather supportive. Chip Nellinger, Blue Reef Agri-Marketing has more.
Soybeans See Corrective Bounce, Corn & Wheat Struggle but Have the Markets Priced in Bearish Reports? Cattle Up on Wx and Cash Ideas
Grains are mixed with positioning ahead of the reports and weak exports, soybeans are oversold and seeing corrective buying. Cattle up on higher cash ideas and wx. Chip Nellinger, Blue Reef Agri-Marketing has more.
January 11, 2024 01:25 PM
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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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