Grains closed mixed ahead of USDA’s Quarterly Stocks Report while working in some better export sales. Wheat consolidated despite a weaker dollar awaiting fresh Black Sea export news. Traders were also squaring in the hogs ahead of the Hogs and Pigs Report, while cattle saw a short covering bounce. Michelle Rook and Mike Zuzulo of Global Commodity Analytics break it down.
Grains and Hogs Close Mixed with Report Positioning, Cattle Consolidate
Grains and hogs closed mixed positioning ahead of USDA reports, with cattle and wheat both consolidating. Michelle Rook and Mike Zuzulo of Global Commodity Analytics break it down.
September 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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