Grains lean higher except wheat, which faded the Russia export news. Old crop corn and soybeans continue to recover from the recent losses and corn demand has improved, but those markets are running into chart resistance and further buying depends on the reports. Cattle continue to look strong, but why do funds keep pushing the short side of the hogs? Ted Seifried with Zaner Ag Hedge has the answers and a preview of USDA reports!
Corn and Soybeans Continue Recovery on Fund Buying and Improved Demand, Wheat Fades Russia Export News: Livestock Mixed
Grains higher except wheat, fading Russia export news. Old crop corn & beans recovering on demand but further buying depends on the reports. Cattle look strong, but funds sell hogs. Ted Seifried, Zaner Ag Hedge
March 29, 2023 03:32 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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