Grains start higher with follow through buying and export news, but corn and beans hit chart resistance and retrace. Wheat is supported by China biz and the Middle East conflict, which is also pushing crude oil higher. Cattle start higher on higher cash, then see profit taking. Darin Newsom, Barchart, has more.
Grains Start Higher but Corn and Soybeans Fail, Wheat Sees China Biz: Cattle Consolidate
Grains start higher but row crops hit chart resistance and retrace. Wheat supported by China biz, oil up on Middle East conflict. Cattle start higher, then see profit taking. Darin Newsom, Barchart, has more.
October 13, 2023 09:33 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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