Grains and live cattle end mostly lower on spec selling on a risk off day tied to the debt ceiling debate and recessionary talk. Sharply lower bean oil, planting pace and profit taking in the wheat were also features. Matt Bennett, AgMarket.Net explains.
Grains Mostly Lower with Spec Selling and Profit Taking on a Risk Off Day; Will Dec Corn Hold $5, Nov Soybeans $12?
Grains and live cattle end mostly lower on spec selling on a risk off day. Sharply lower bean oil, planting pace and profit taking in the wheat were also features. Matt Bennett, AgMarket.Net explains.
May 16, 2023 02:29 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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