Grains continue mostly higher, but wheat has taken the lead. Soybeans see fund buying with lower Argentina crop ratings and contract highs in meal supportive, corn following but off early highs. Wheat has started to lead on short covering. Cattle are seeing profit taking after contract highs yesterday and higher cash. Hogs mixed. Kent Beadle of Paradigm Futures.
Grains Mostly Higher but Wheat Takes the Lead: Cattle See Profit Taking Despite Higher Cash, Hogs Mixed
Soybeans sees SA weather market, contract highs in meal supportive. Wheat now leading on short covering, corn following. Cattle see profit taking after contract highs, higher cash. Kent Beadle of Paradigm Futures.
December 30, 2022 11:21 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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