Wheat hits new lows in KC on technical selling, better crop ratings than 2022 and talk of Russia lowering its export tax. Corn and beans higher on corrective buying, a Mexican bean sale, higher meal and watching SA weather. Cattle still consolidating but nearing chart resistance. Kevin Duling, KD Investors has more.
Soybeans See Corrective Buying, Fund Selling and Ratings Hit Wheat, Corn Stuck: Cattle Consolidating Under Chart Resistance
Wheat hits new lows in KC on fund selling, crop ratings, talk of Russia lowering its export tax. Row crops up on corrective buying. Cattle consolidating under chart resistance. Kevin Duling, KD Investors has more.
October 31, 2023 03:19 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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