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.

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.

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Sam Hudson of Corn Belt Marketing says funds sold the early bounce in grain markets with no bullish story.
After a down day on Tuesday the grain markets were higher early Wednesday a result of short covering according to Lane Akre, economist with Pro Farmer. However, he thinks the market has also taken out too much weather premium.
Dan Basse, president of Ag Resource Company, believes China bought a half million tons of U.S. soybeans last week.
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