Wheat and corn continued to slide on Wednesday with traders buying into the idea that Russia will allow Ukrainian exports to resume and with corn planting picking up that also pressured the market. Soybeans rebounded with a huge hedge fund exiting some positions and some help from China export business, but the action did not negate the key reversal in beans. It was a corrective day in cattle and hogs at well. Jim McCormick of AgMarket.Net discusses the action with Michelle Rook.
Corn and Wheat Continue to Slide Wednesday
Wheat and corn continued to slide on Wednesday with a rebound in soybeans and livestock.
June 01, 2022 02:48 PM
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Chip Nellinger with Blue Reef Agri-Marketing says grains saw profit taking heading into a long weekend, which is not unexpected. However, he thinks the market has more work to do.
Scott Varilek with Kooima Kooima Varilek says the cattle market is very oversold and due for a bounce but the long term charts have been damaged.
Rich Nelson with Allendale says the corn and wheat markets saw profit taking but also latched on to Black Sea headlines indicating Russian President Putin was open to a peace deal with Ukraine.
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