Grains end higher on weather, pre-report positioning with bullish soybean expectation and talk of China buying 10-14 cargos of new crop beans. Plus, risk on in outside markets and crop concerns supported wheat. Cattle end higher making contract highs in the back months with continued tight supplies and strong cash, while hogs continue to see strong demand through higher cash and cutouts. Arlan Suderman, StoneX Group has details.
Grains Higher on Weather, Report Squaring but Will USDA Cut Yields? Cattle Make New Highs, Hogs Pushed by Cash
Grains higher in a risk on day in outside markets, with weather & pre-report positioning. Cattle make contract highs in deferred with strong cash, hogs rally on higher cash, demand. Arlan Suderman, StoneX.
July 11, 2023 02:55 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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