Grains continue to see pressure on more favorable weather, technical selling after hitting resistance and wheat struggles following corn and beans and as EU prices tumble. Cattle continue to correct ahead of cash and with spread unwinding with hogs. Allison Thompson of The Money Farm has more.
Grains Lower on Technical Selling, Weather: Cattle Continue to Correct
Grains see pressure on weather, technical selling after hitting resistance and wheat struggles as EU prices tumble. Cattle continue to correct, with spread unwinding with hogs. Allison Thompson, The Money Farm.
June 14, 2023 11:28 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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