Wheat up on China export biz and that pulls up corn which also saw Mexico sales. Soybeans and meal fade on China news and Brazil rain chances. Cattle make new lows but are they close to a bottom? Gold hits record highs. John Payne, Hedge Point Global Markets has details.
Wheat Rallies on China Biz and Pulls up Corn, Soybeans Fade: Cattle Hit New Low, Gold Hits Record Highs
Wheat up on China export biz, pulling up corn. Soybeans fall on China news, Brazil rain chances. Cattle make new lows but are they bottoming? Gold hits record highs. John Payne, Hedge Point Global Markets has more.
December 04, 2023 11:38 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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