Grains end sharply lower on profit taking, removing weather premium and with a risk off day in outside markets. Live and feeder cattle make new highs on fund buying and strong cash and cutouts, plus lower corn. Several hog contract have limit up moves on short covering. Ted Seifried, Zaner Ag Hedge has details.
Grains See Profit Taking as Market Removes Weather Premium: Livestock Rally with a Limit up Day in Hogs
Grains end sharply lower on profit taking, removing wx premium, with a risk off day in outside markets. Cattle hit new highs w/strong cash, cutouts. Hogs limit up on short covering. Ted Seifried, Zaner Ag Hedge.
May 30, 2023 03:23 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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