Corn and soybeans continue lower ahead of the USDA report and profit taking in beans with a drop in bean oil. Wheat trying to bounce with lower crop ratings in Kansas. Cattle consolidate after new highs, awaiting cash direction and watching the stock market. Hogs lack support. Scott Varilek of Kooima Kooima Varilek has details.
Corn and Beans Lower with Report Positioning, Lower Bean Oil: Live Cattle Consolidate Awaiting Cash, Hogs Lack Support
Corn and soybeans lower on report positioning, profit taking in beans with lower BO. Cattle consolidate after new highs, lower DOW, await cash. Hogs lack support. Scott Varilek of Kooima Kooima Varilek.
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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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