Grains ended lower on Wednesday. Jim McCormick of AgMarket.Net says traders took profit taking as markets hit chart resistance, but soybeans, meal and wheat also removed some weather premium. Cattle saw some short covering, but weather and report positioning were also factors. Hogs continued to slide with cash.
Markets Close Mostly Lower Wednesday: Grains See Profit Taking and Remove Weather Premium
Grains ended lower on profit taking, removing weather premium. Jim McCormick of AgMarket.Net says cattle saw short covering, but weather and report positioning were also factors. Hogs continued to slide with cash.
January 18, 2023 02:07 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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