Corn sees more fund selling with China cancellations, soybeans follow with concerns about the cheaper crop in Brazil and the future of tax credits for renewable diesel and SAF, plus weather. KC, MN wheat add weather premium. Cattle set back on the COF placements number and with lower cash last week, while hogs bounce. Randy Martinson of Martinson Ag has details.
Funds Back Selling Soybean & Corn on China Cancellation, Brazil Competition: Cattle Softer on COF, Cash
Fund selling in corn w/China cancellation, beans follow w/uncertainty on biofuels tax credits & Brazil’s cheaper crop. KC, MN wheat add weather premium. Cattle softer on COF, cash. Randy Martinson, Martinson Ag.
April 24, 2023 11:45 AM
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Grain markets all made new lows for the move on additional fund long liquidation says Randy Martinson with Martinson Ag Risk Management.
Mark Knight with Farmers Keeper Financial says the funds are exiting as the grains have divorced from the crude oil market and are trading weather.
Garrett Toay with AgTraderTalk says the grains fell despite the sharply higher crude oil market but why now?
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