Grains sharply higher with hot dry weather and Russia attacking a Ukraine grain facility on the Danube River. Plus China bought 4.4 mb of U.S. new crop soybeans. Cattle set back with higher corn and sorting through the Cattle on Feed and Cattle Inventory reports. Hogs open higher, then turn mixed. Tomm Pfitzenmaier, Summit Commodity Brokerage has more.
Grains Sharply Higher Adding More War and Weather Premium: Cattle Set Back in Response, Plus Digest USDA Data
Grains sharply higher putting in war and weather premium & w/China soybean biz. Cattle set back with higher corn and sorting through USDA data. Hogs mixed. Tomm Pfitzenmaier, Summit Commodity Brokerage has more.
July 24, 2023 02:02 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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