Grains end lower with risk off technical selling. Soybeans and meal led the losses on China’s GDP news and corn, KC and MN wheat all made new contract lows. Cattle rebound despite bearish outside markets. Allison Thompson, with The Money Farm, has analysis.
Soybeans Tank on China Economic News, Corn and Hard Wheats Make Contract Lows: Cattle Rebound
Grains fall on risk off technical selling. Beans & meal led losses on China’s GDP news. Corn, KC & MN wheat hit contract lows. Cattle rebound despite bearish outside markets. Allison Thompson, The Money Farm, has more.
January 17, 2024 02:49 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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