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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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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