Grains close quietly higher with a dead cat bounce after holding support areas and positioning ahead of the WASDE. Cattle correct with risk off in outside markets and despite near record high cash, while hogs end mixed. Brad Kooima, Kooima Kooima Varilek has more.
Dead Cat Bounce in Grains After Holding Major Support: Cattle Consolidate with Risk Off in Outside Markets Despite Strong Cash Outlook
Grains see a dead cat bounce after holding support areas, awaiting the WASDE. Cattle correct with risk off in outside markets, despite near record high cash. Hogs end mixed. Brad Kooima, Kooima Kooima Varilek has more.
August 08, 2023 02:25 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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