Grains higher on technical buying and the hot, dry weather, plus a 4.4 mb sale of new crop corn to Mexico and Black Sea geopolitical concerns. Cattle futures take out major chart support with sloppy cash and ahead of the COF report but is there more downside risk? Hogs see follow through buying. Scott Varilek of Kooima Kooima Varilek has more.
Grains Higher on Weather, Technical Buying: Cattle Break Chart Support on Weak Cash, Hogs Extend Gains
Grains up on technical buying, weather, war concerns. Cattle break major chart support on sloppy cash, pre-COF. What’s the downside risk? Hogs see follow through buying. Scott Varilek, Kooima Kooima Varilek has more.
August 18, 2023 09:12 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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