Grains supported by a short covering rally in wheat, but wheat is off its highs with conflicting reports on whether or not Russia will temporarily ban exports. Hogs and live cattle are also seeing a short covering bounce, but is this bottoming action? Mike Zuzulo, Global Commodity Analytics has analysis.
Grains Higher Led by Short Covering Rally in Wheat Amid Conflicting Reports on Russia Export Ban: Live Cattle and Hogs Also Bounce
Grains up led by a short covering rally in wheat, amid conflicting reports on a Russia export ban. Hogs and live cattle see short covering but is this bottoming action? We ask Mike Zuzulo, Global Commodity Analytics.
March 24, 2023 11:29 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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