Grains end mostly lower again except hard wheat classes with more technical selling on China cancellations, fast planting, WASDE positioning. But is the market too bearish heading into the WASDE? Cattle had a strong short covering rally anticipating better cash, with hogs also ending higher but will there be any follow through buying? Garrett Toay, AgTraderTalk has more.
Grains Mostly Lower on China Cancellations, Fast Planting, WASDE but is the Market Too Bearish?: Livestock Close Higher
Grains mostly lower except hard wheat classes w/technical selling on China cancellations, fast planting, WASDE positioning. Cattle saw short covering on better cash ideas, w/hogs also up. Garrett Toay, AgTraderTalk.
May 09, 2023 03:03 PM
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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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