A mixed day in grain and livestock markets. Soybeans held above $15 maintaining Argentina weather premium, while corn hit chart resistance and set back with wheat on end of the year profit taking and rising COVID cases in China. Live cattle made some new contract highs with weather and firming cash bids, while hogs consolidated. John Heinberg of Total Farm Marketing has details.
Corn, Wheat and Hogs Lower on Profit Taking and China COVID Cases: Soybeans and Cattle Trade Weather
Soybeans held SA weather premium, corn and wheat saw EOY profit taking and rising China COVID cases. LC made some new contract highs on weather and firming cash bids. John Heinberg, Total Farm Marketing.
December 29, 2022 02:18 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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