Markets closed mostly higher Friday except feeders. The short covering rally in grains was led by wheat with conflicting reports of a Russia wheat ban, but more China sales supported corn. The question is are the funds done liquidating in soybeans? Live cattle and hogs also saw a technical bounce. Tomm Pfitzenmaier of Summit Commodity Brokerage has details.
Markets Close Mostly Higher on Short Covering: Rally in Grains Led by Wheat With Conflicting Reports of Russia Export Ban
Wheat led a short covering rally in grains w/conflicting news of a Russia wheat ban. More China biz helped corn. But are funds done selling soybeans? LC saw a technical bounce. Tomm Pfitzenmaier, Summit Commodity.
March 24, 2023 02:33 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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