Grains ended higher on pre-holiday fund buying, pushed by dryness/drought concerns & the bean oil rally. Corn and beans closed above key chart areas so how much higher will prices go? Live cattle rebounded after holding support and in the face of weaker cash, while hogs ended mostly higher. Garrett Toay of AgTraderTalk has more.
Grains Rally as Funds Buy on Drought Concerns, BO Rally: Live Cattle Recover Despite Weaker Cash
Grains rallied on pre-holiday fund buying, drought concerns & the BO rally. Corn and beans closed above key chart areas. Live cattle rebounded despite weaker cash, hogs mostly higher. Garrett Toay of AgTraderTalk.
June 15, 2023 03:10 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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