All the markets started higher on Tuesday following a rebound in outside markets and a weaker dollar, but those reversed at midday as recessionary fears on the Fed action continue to be priced into the markets. As a result livestock, cotton and soybeans all retreated as well to end lower with more fund liquidation. Corn and wheat held some gains on corrective buying and higher crude oil. Michelle Rook has analysis with John Payne of Hedge Point Global Markets.
Feed Grains See Corrective Bounce Tuesday, Soybeans and Livestock Give up Early Gains as DOW Turns Lower and Dollar Firms
Grain and livestock started higher with a rebound in outside markets and a weaker dollar. Those reversed resulting in a lower close except feed grains. Michelle Rook talks to John Payne of Hedge Point Global Markets.
September 27, 2022 02:05 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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