Corn and Soybeans End Lower After Disappointing WASDE but Wheat Bounces: Cattle Fade After Hitting Contract Highs

Corn and soybeans ended lower after the WASDE disappointed the bulls. Wheat ended higher with lower global stocks. Cattle hit new highs and then faded. Matt Bennett, AgMarket.Net has details.

Corn and soybeans ended lower after the WASDE disappointed the bulls. USDA drops corn yield but with higher harvested acres on corn, ending stocks were raised 19 million bushels and still above 2.2 billion bushels. Soybeans also see a cut to yield but end with a 225 mb carryout which was above estimates. Wheat ended higher with lower global stocks. Cattle hit new highs and then faded. Matt Bennett, AgMarket.Net has details.

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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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