It was an ugly day in the ag markets on Tuesday with grain and livestock futures all seeing risk off commodity wide selling. Some of it was tied to end of the month profit taking but wheat and corn were under pressure on more reports Russia was going to allow Ukrainian exports. Michelle Rook talked with John Heinberg of Total Farm Marketing about the sell off.
Grain and Livestock Futures Plunge on Tuesday
It was an ugly day in the ag markets on Tuesday with grain and livestock futures. Michelle Rook talked with John Heinberg of Total Farm Marketing about the sell off.
May 31, 2022 02:34 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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