Corn and soybeans see profit taking Friday after hitting chart resistance, plus see a pickup in farmer selling. However, they post higher weekly closes and could build on that next week. SRW wheat up on China biz. Crude oil and cotton rally on Middle East conflict. Cattle consolidate. Darren Frye, Water Street Solutions, has the recap.
Corn and Soybeans Lower on Profit Taking but Post Higher Week: Crude Oil, Cotton Higher on Middle East Conflict
Corn and soybeans, even cattle see profit taking Friday. SRW wheat up on China biz. Crude oil and cotton rally on Middle East conflict. Darren Frye, Water Street Solutions, has the recap.
October 13, 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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