On Wednesday, wheat scores a key reversal after a drone strike at the Kremlin, which pulls corn and soybeans back higher as well. Will this bottom the grain markets? Will the Fed pause further interest rate increases to signal specs to get back into commodities? Plus, how much more will cattle correct? Ted Seifried of Zaner Ag Hedge has the answers.
Grains Reverse on Russia War News, But Is It the Bottom?
A key reversal in wheat after a drone strike at the Kremlin pulls corn and soybeans higher as well. AgDay’s Michelle Rook chats with Ted Seifried about the headlines and the market response.
May 03, 2023 03:08 PM
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Don Roose with U.S. Commodities says the grains have seen rotating leadership but the bull market is currently being led by wheat and will needs continue Black Sea headlines to keep moving higher.
Scott Varilek with Kooima Kooima Varilek says after a bounce on Thursday many producers were asking if a bottom was starting to be forged but the negative stories won’t die down.
Shawn Hackett with Hackett Financial Advisors says he sees higher prices ahead for the grain markets.
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