Grains mostly lower early on profit taking and a slight improvement in extended weather but we’re off lows. However, grain markets should be well supported with the escalation of the Black Sea war impacting grain supplies. Cattle rebound with higher cash, while hogs continue to see support from the rising cash index and higher cutouts. Chuck Shelby with Risk Management Commodities covers it all!
Grains Mostly Lower on Profit Taking, Weather: While Livestock Get Push From Higher Cash, Demand
Grains mostly lower with profit taking on better extended weather, but still supported by global supply concerns. Chuck Shelby, Risk Management Commodities says cattle and hogs supported by higher cash.
July 21, 2023 09:14 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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