Grains ended lower with another risk off day, but also saw profit taking and spread unwinding after old crop corn and beans hit chart resistance. New crop held support areas, but what is the downside risk? Meanwhile, rain chances in HRW areas also weighed on wheat. Cattle recovered even with softer cash cattle trade, while June hogs hit another contract low. Chip Nellinger, Blue Reef Agri-Marketing covers it all!
Another Risk Off Day Sinks Grains, Plus Profit Taking and Rain Chances for Wheat: Cattle Recover Despite Steady/Softer Cash
Grains ended lower with another risk off day, but also saw profit taking. Rain chances also sunk wheat. Cattle recovered even with softer cash, but contract lows in hogs. Chip Nellinger, Blue Reef Agri-Marketing.
April 20, 2023 02:16 PM
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Garrett Toay with AgTraderTalk says after the big rally to start the week the grain markets saw some profit taking and corrective selling.
DuWayne Bosse of Bolt Marketing says the wheat market was trying to extend gains early Thursday but may be getting close to pricing the Black Sea export disruptions in.
Oliver Sloup Blue Line Futures, says wheat prices skyrocketed adding risk premium on concerns about the escalating Black Sea war and the disruptions it is causing in the export market. It could have more upside left.
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