Wheat ends higher on fund short covering and China export biz. Soybeans drop removing Brazil weather premium. Corn caught in the middle and ends nearly flat. Cattle make new lows, so how much more downside risk is left? Gold market makes new highs then reverses. Alan Brugler, Brugler Marketing, has details.
Wheat Higher on China Sales, Soybeans Remove Brazil Risk Premium: Cattle Make New Lows, Gold Retreats From New Highs
Wheat ends higher on fund short covering and China export biz. Soybeans remove Brazil weather premium, so corn ends flat. Cattle make new lows, gold reverses off new highs. Alan Brugler, Brugler Marketing, has more.
December 05, 2023 07:37 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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