Grains mixed early with wheat higher putting in risk premium and bouncing off technical support, profit taking in soybeans and meal with some concerns about rising China tensions. Corn is caught in the middle despite some export biz to Mexico and Japan. Live cattle are consolidating after new contract highs last week and steady to higher cash in the north. Funds are back selling hogs on the Chinese news. Kent Beadle of Paradigm Futures has details.
Grains Mixed with Profit Taking in Soybeans, Wheat Putting in Risk Premium: Cattle Consolidate After New Highs
Wheat higher putting in war premium, soybeans and meal lower on profit taking and Chinese tensions. Corn is caught in the middle. Cattle consolidate, while hogs see fund selling. Kent Beadle of Paradigm Futures.
February 06, 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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