Grains fade after a higher open on weather, China soybean export talk and the end of the Black Sea Grain deal. Cattle mixed to start then strengthen after new highs in live cattle on Friday on higher northern cash, but feeders need to take last week’s highs or they may be signaling a top. Kevin Duling of KD Investors has details.
Grains Fade Early Gains Despite Weather, Grain Deal Ending, China Talk: Cattle Strengthen But Fail to Take Out Recent Highs
Grains fade after higher open on weather, China soybean export talk and the end of the Black Sea Grain deal. Cattle firm but fail to take out last week’s highs? Kevin Duling, KD Investors.
July 17, 2023 09:28 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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