Risk off outside markets and China GDP data weighing on soybeans, corn was down early but is now following wheat which is seeing corrective buying with some escalation of the fighting in the Black Sea. Cattle seeing some profit taking after the chart breakout Tuesday, but should be well supported by higher beef and cash ideas. Hogs consolidate with concerns about backing up hogs. Randy Martinson, Martinson Ag, has more.
Soybeans See Risk Off Selling, with Corrective Buying in Corn and Wheat Bounce: Cattle See Profit Taking
Risk off outside markets & China GDP data pressures soybeans, corn is following wheat with short covering. Cattle see profit taking after the chart breakout. Hogs consolidate. Randy Martinson, Martinson Ag, has more.
January 17, 2024 09:24 AM
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Arlan Suderman, Chief Commodities Economist with StoneX says the corn and soybean markets were trading higher yields coming into the report and saw a positive reaction as a result.
Kyle Bumsted of Allendale, Inc. says, “The way we rallied off our lows here on Friday and the bounce we saw here on Monday, it does feel like cattle put in some sort of intermediate low.”
Mike Minor of Professional Ag Marketing says corn and soybeans were positioning ahead of the November WASDE with fears of higher yield.
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