USDA shocks the market with higher corn and soybean yield, production and ending stocks. SA numbers were not supportive either. Lower winter wheat acreage was friendly but wheat follows corn and beans lower. Jim McCormick, AgMarket.Net breaks it down.
USDA Shocks the Markets with Higher Corn and Soybean Yields and Production
USDA shocks the market with higher corn & soybean yield, production and carryout. SA numbers were not supportive either. Lower winter wheat acres and carryover slightly friendly. Jim McCormick, AgMarket.Net
January 12, 2024 11:42 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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