Grains still lower with the risk off day, lower crude oil, disappointing exports and rain chances in wheat areas, plus some profit taking and technical selling as we took out support areas. Cattle are trying to rebound with the discount to cash with some sales in NE at 288/183. Hogs back lower with the cash failing to bottom. Vince Boddicker with Farmers Trading Company has more.
Grains Down on Profit Taking in Another Risk Off Day, Weather Weighs on Wheat: Cattle Rebound, But Hogs Down with Cash:
Grains lower w/risk off day, slow exports, rain chances in wheat areas, profit taking. Cattle rebound w/the discount to cash, some sales in NE at 288/183. Hogs down w/cash. Vince Boddicker, Farmers Trading Company
April 20, 2023 11:36 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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