Grains end mostly higher on short covering correcting the oversold market condition and with help from soybean export business. But rallies will be hard to sustain amidst harvest. Cattle recover after the key reversals, hogs near chart breakout levels. Meanwhile, the Fed leaves rates unchanged, for now. Garrett Toay, AgTraderTalk, has details.
Grains Close Mostly Higher on Short Covering, Ahead of Fed Decision: Livestock Also End Strong
Oversold grains end mostly higher with short covering, but rallies are hard to sustain amidst harvest. Cattle recover after key reversals, hogs near chart breakout levels. Garrett Toay, AgTraderTalk, has details.
September 20, 2023 02:36 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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