Wheat rallies with talk of China looking for U.S. wheat and seeing corrective buying, while soybeans are off highs after hitting chart resistance and watching Brazil rain chances, plus the lack of China biz confirmation. Corn hits more new lows but is trying to hold. Cattle and hogs continue to recover, so are the lows in? DuWayne Bosse, Bolt Marketing, has more.
Wheat Rallies on Talk of China Biz, Row Crops 2-Sided: Cattle and Hogs Confirming Lows?
Wheat rallies with talk of China biz, plus corrective buying, Soybeans off highs w/Brazil rain chances, corn makes new lows. Cattle & hogs consolidating, so are the lows in? DuWayne Bosse, Bolt Marketing, has more.
November 29, 2023 11:48 AM
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Soybeans were sharply lower in the overnight trade and then saw a gap higher open during the day session on talk that China was in pricing U.S. soybeans says Brian Grete with Commstock Investments.
Vince Boddicker of Farmers Trading Company says while no sales have been confirmed, just the rumors of China in the U.S. market looking for bids brought buyers back into the market.
Grains saw nice reversals and closed higher on Monday, which was a victory considering the amount of bearish news the market had to absorb according to Kevin Duling with KD Investors.
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