Grains still higher with technical buying, putting in war premium. Wheat is leading though on production concerns pushing Jul KC wheat over $9. Livestock cattle are consolidating after the higher week, while funds are covering shorts in hogs with the firmer LHI. DuWayne Bosse of Bolt Marketing has details.
Grains See Fund Buying on Lower Wheat Production and Putting in War Premium: Livestock Higher Except Live Cattle
Grains up as funds put in war premium. Wheat leads on crop concerns with Jul KC over $9. Livestock cattle are consolidating after the higher week, while the higher LHI helps hogs. DuWayne Bosse of Bolt Marketing.
May 15, 2023 11:36 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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