Corn hits 2-year lows then bounces with soybeans which are up on export biz, SA crop concerns and fund buying after taking out chart resistance. Wheat mixed trying to follow beans but suffering from weak demand. Cattle see profit taking awaiting cash. And the dollar is down sharply after putting in a reversal. Darin Newsom, Barchart, has details.
Soybeans Surge on Export Biz & Fund Buying, Corn Tries to Follow Bouncing Off 2-Year Low: Cattle See Profit Taking Awaiting Cash
Soybeans surge on export biz, SA crop concerns & fund buying, corn & wheat try to follow as corn holds 2-year lows. Cattle see profit taking awaiting cash. The dollar is down sharply. Darin Newsom, Barchart, has more.
November 03, 2023 09:16 AM
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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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