Corn and wheat try to hold early gains spurred by another 7.3 mb SRW wheat sale to China but are running into chart resistance and see some farmer selling and hedge pressure. Plus, soybeans have pulled back removing Brazil weather premium. Cattle bounce but will the strength hold? Gold reverses off new highs, crude oil fails. Randy Martinson, Martinson Ag, has more.
Wheat and Corn Try to Hold Gains on China Sales, But Soybeans Break: Cattle Bounce but Will it Hold?
Corn and wheat try to hold early gains on a 7.3 mb SRW wheat sale to China but hit resistance. Plus, soybeans remove Brazil weather premium. Cattle bounce but will it hold? Randy Martinson, Martinson Ag, has more.
December 05, 2023 11:40 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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