Livestock futures close higher with the spot month in live cattle hitting a new contract high, but will the deferreds also make new highs? Hogs rallied on fund buying and higher cash. Grains ended mixed with technical selling in corn and wheat, plus export news and harvest pressure also factored in. Soybeans closed slightly higher following the soybean oil market. Oliver Sloup of Blue Line Futures joins Michelle Rook for Markets Now.
Livestock Higher on Fund Buying, How High Will Cattle Go? Grains Mixed but Still Rangebound
Livestock futures close higher on technical buying while grains ended mixed but still trading within ranges. What will it take to break out? Oliver Sloup with Blue Line Futures joins Michelle Rook.
October 19, 2022 02:42 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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