Grains and hogs are lower early with a risk off day and spillover from outside markets with lower equity and crude oil prices. Corn and soybeans also see some profit taking and farmer selling after hitting chart resistance and Ukraine shipments have resumed which weighs on wheat. Live cattle continue to be supported by tight numbers and higher product values, while hogs retest contract lows.
Grains Lower Seeing Risk Off Selling, Profit Taking, Ukraine Exports Resume: Cattle Supported by Tight Supplies, New Lows in Hogs
Grains see risk off and corrective selling, plus Ukraine shipments resumed. Cattle supported with tight numbers, strong demand, but hogs hit new lows. Tomm Pfitzenmaier, Summit Commodity Brokerage.
April 19, 2023 09:15 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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