Grains start day in the red. Wednesday, October 25, 2023
December corn is currently down 1¼¢.
November soybeans are down 9½¢.
CBOT wheat is down 5¼¢. KC wheat is down 7¾¢. Minneapolis wheat is down 3½¢.
This morning USDA announced China is purchasing 126,000 metric tons of soybeans, to be delivered during the 2023/2024 marketing year.
This is one day after it was announced China signed a “framework deal” to purchase U.S. goods. Arlan Suderman, chief commodities economist for StoneX, describes the deal as “non-binding and lacking in specifics – largely ceremonial in nature.”
“One could say that the deal is similar to some of the deals signed at last week’s Brick and Road Initiative conference in China, which many observers believe were designed to create headlines, with questionable follow-through,” he says.
Live cattle are up 15¢ this morning. Lean hogs are up 25¢. Feeder cattle are up $1.30.
Crude oil is down 20¢.
S&P 500 futures are down 45 points. Dow futures are down 144 points.
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