Corn and wheat ended lower with profit taking, even after news the Black Sea Grain Deal is done. Soybeans were supported by weather and higher meal and talk of China biz. Live cattle consolidated under contract highs awaiting cash and reports, with feeders supported by weaker corn. Hogs mostly lower with a sense the cash market top is near. Brian Grete with Pro Farmer has details.
Corn and Wheat See Profit Taking After News Grain Deal Done, Soybeans Supported by Meal, Weather: Livestock End Mixed
Corn and wheat lower on profit-taking, despite news the grain deal is done. Soybean higher w/meal, wx concerns. Live cattle consolidate off contract highs awaiting cash, hogs sense a cash top. Brian Grete, Pro Farmer.
July 17, 2023 06:33 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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