Grains are seeing corrective buying end of month and after running into chart resistance, plus a risk off in outside markets. Live cattle are also seeing profit taking after new contract highs, while hogs continue their recovery. Rich Nelson of Allendale has more.
Grains and Live Cattle Lower on Profit Taking End of Month and With Risk Off in Outside Markets: Hog Continue to Recover
Grains see corrective buying end of month, hit resistance, plus risk off in outside markets. Profit taking in LC after new contract highs, while hogs continue their recovery. Rich Nelson of Allendale has more.
January 31, 2023 09:00 AM
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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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