Grains open slightly lower on follow through selling then turn mixed, digesting export news and watching weather. However, all the grain markets are consolidating under Monday’s highs. So are the seasonal highs in? Rich Nelson of Allendale has the answer, plus cattle are mixed awaiting cash direction. However, hogs are under pressure with lower cutouts and fading a strong weekly export figure.
Grains Mixed Still Consolidating Under Monday’s Highs: Cattle Mixed Awaiting Cash, Hogs Lower with Softer Cutouts
Grains open slightly lower then turn mixed digesting export news and weather. Markets continue to consolidate, so are seasonal highs in? Rich Nelson of Allendale has the answer and a look at livestock.
February 16, 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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