Grains higher early except corn, but soybeans and meal are starting to slide as well. Pre-report positioning, SA weather and China trade concerns still being talked about. Wheat getting some support from a lower TX crop rating. Cattle are consolidating after contract highs in LC yesterday, while hogs started higher but are seeing technical selling pressure set back in. Tomm Pfitzenmaier of Summit Commodity Brokerage has more.
Grains Mixed Early on Report Positioning: Livestock Mostly Lower with Profit Taking in Live Cattle
Grains mixed w/report positioning and profit taking in meal and soybeans. Wheat supported on a lower crop rating in TX. Cattle consolidate after new highs. Tomm Pfitzenmaier of Summit Commodity Brokerage has more.
February 07, 2023 09:25 AM
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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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