Grains open higher except soybeans, with technical buying and renewed concerns about the Black Sea conflict supporting wheat, corn is following. Soybeans seeing harvest pressure and lower soybean oil a drag. Livestock futures are mixed seeing some corrective buying in hogs, but more fund liquidation in cattle after a down day Tuesday. However, all the markets remain sensitive to outside market action. Michelle Rook talks with Darren Frye of Water Street Solutions.
Grains Mostly Higher with Renewed Black Sea Export Concerns: Livestock Mixed
Grains mostly higher on renewed concerns about the Black Sea exports. Soybeans trying to follow. Livestock futures mixed. Michelle Rook talks with Darren Frye of Water Street Solutions.
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Chip Nellinger of Blue Reef Agri-Marketing says the soybean complex saw technical selling with funds still holding a sizable long in soybeans and meal.
Joe Kooima of Kooima Kooima Varilek says the bounce in cattle isn’t unexpected as Friday’s selloff may have been overdone and with the financial markets seeing a recovery.
The grain markets saw an ugly October with huge losses on fund selling. Brian Grete with CommStock Investments says he’s not sure if the fund selling is done.
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