Grain Markets are quiet this morning
Soybeans suffered losses of about 36 cents Tuesday. This morning it is more quiet, beans are down a couple, corn up a couple and wheat unchanged. Tuesday it was all about rain over the weekend in Argentina and the forecast of more rain on Thursday along with cooler temperatures. It was interesting to read comments by the “bears” that it was a game changing rain event, just in time, while the day before they did not even acknowledge that it had been hot and dry. From a technical point beans did a lot of chart damage Tuesday moving through layers of support. Also bearish Tuesday were “rumors” China canceled bean purchases from the U.S and moved them to South America. There has been no confirmation yet!
CHICAGO (AP) — Grain futures were mixed Wednesday in early trading on the Chicago Board of Trade.
Wheat for March delivery was unchanged at 5.6225 a bushel; March corn was 2 cents higher at 4.27 a bushel; March oats were unchanged at $3.9925 a bushel; while March soybeans loss 2.50 cents to 12.78 a bushel.
Beef was mostly lower while pork was lower on the Chicago Mercantile Exchange.
April live cattle was .08 cents higher at $1.4030 a pound; March feeder cattle was .47 lower at $1.6785 a pound; April lean hogs loss .37 cent to $.9200 a pound.