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
Related Stories
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.
Read Next
The U.S. House approved legislation to allow year-round sales of E15 gasoline nationwide, aiming to lower fuel prices while facing pushback over potential refinery costs and the impact on the national debt.
