Grains reverse trend from Thursday with profit taking and spread unwinding pressuring wheat and corn, while soybeans are higher on 21.7 mb of fresh export business. Weekly exports were disappointing for grains and cattle, but strong for hogs which are supportive. Cattle open higher but can’t hold gains, despite a new yearly high on cash. Michelle Rook gets details with Allison Thompson of The Money Farm.
Grains Open Mixed with Soybeans Supported by Fresh Export Biz: Hogs See Strong Exports, Cattle Fade Early Gains Despite Higher Cash
Grains mixed on spread unwinding, with soybeans up on 21.7 mb of fresh export business. Hogs higher on strong exports. Cattle lower despite higher cash. Michelle Rook talks to Allison Thompson of The Money Farm.
October 14, 2022 08:46 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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