Corn and soybeans lost early gains on technical selling and bearish outside markets, despite decent export news. Wheat saw short covering but held gains even though news on Ukraine shutting the export corridor was refuted. Cattle saw more fund liquidation on the plunge in equities, with follow through short covering in hogs. Garrett Toay, AgTraderTalk, has details.
Corn and Beans Lower on Risk Off Technical Selling, Wheat Holds Gains: Funds Still Liquidating in Cattle
Corn and soybeans lost early gains on technical selling and bearish outside markets. Wheat saw short covering. Cattle saw more fund liquidation, with more short covering in hogs. Garrett Toay, AgTraderTalk, has more.
October 26, 2023 04:12 PM
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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.
Wheat futures were up 30 to 35 cents early Wednesday adding risk premium as Russia and Ukraine attacks have escalated says Jamie Gieseke with Paradigm Futures.
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