Grains see a nice recovery putting weather premium back in on the forecasts and expansion of dry areas on the Drought Monitor. We also saw a technical selling exhaustion. Cattle are seeing some profit taking after contract highs and awaiting cash direction, hogs are also consolidating after two big up days. Scott Varilek of Kooima Kooima Varilek has details.
Grains See Technical Bounce Putting Weather Premium Back In: Livestock See Profit Taking With Higher Grains
Grains recover weather premium back on the forecast and Drought Monitor. We also saw a technical selling exhaustion. Profit taking in cattle and hogs. Scott Varilek of Kooima Kooima Varilek has details.
June 01, 2023 09:21 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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