Grains end quietly mixed to higher still consolidating under Monday’s chart highs and looking for direction from South America’s crop size, weather or the export front. Cattle see profit taking waiting for confirmation of higher cash before moving higher. Hogs see continued profit taking with cutouts still under pressure and fading strong exports. Mike Minor of Professional Ag Marketing has details.
Grains End Quietly Mixed Still Consolidating from Monday’s Highs: Livestock Also See Profit Taking
Grains end quietly mixed to higher still consolidating under Monday’s chart highs and looking for direction. Cattle and hogs also see more profit taking. Mike Minor of Professional Ag Marketing has details.
February 16, 2023 04:07 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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