Grains are higher with corrective buying but wheat is also leading on geopolitical concerns. Crude oil and Argentina weather also supportive. Nearby live cattle are up on higher cash and could rally more if higher cash is confirmed in the south. Meanwhile hogs are mixed. DuWayne Bosse of Bolt Marketing breaks it down.
Grains Strong on Corrective Buying, War and Weather Premium, CO: Cattle Mixed with Higher Cash but Higher Corn
Grains are higher with corrective buying, but wheat puts in war premium. Crude oil, Argentina weather also supportive. Nearby live cattle are up on higher cash. Hogs mixed. DuWayne Bosse of Bolt Marketing.
February 10, 2023 11:38 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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