Soybeans and meal see profit taking on Brazil rain chances which leads to technical selling in corn and wheat. Cattle rally into a slightly friendly COF report. Crude oil rebounds but may be turning into a bear market. Darren Frye, Water Street Solutions, has more.
Soybeans See Profit Taking with Brazil Rain Chances, Pull Down Corn and Wheat: Cattle Rally Into Slightly Friendly COF, Crude Oil Recovers
Soybeans see profit taking on Brazil rain chances, pull down corn and wheat. Cattle rally into a slightly friendly COF report. Crude oil rebounds. Darren Frye, Water Street Solutions, has more.
November 17, 2023 02:37 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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