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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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.
Vince Boddicker of Farmers Trading Company says while no sales have been confirmed, just the rumors of China in the U.S. market looking for bids brought buyers back into the market.
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