Grains ended lower on Wednesday, initially reacting to news Russia was considering allow Ukrainian food exports, but with conditions. However, markets rebounded off their lows. Livestock futures could not hold on to early gains despite the lower grains. Michelle Rook has the analysis of the day with Rich Nelson of Allendale.
Markets Lower But Rebound Off Lows, Livestock Mixed
Grains slid again on Wednesday, but ended off lows. Livestock faded early gains.
May 25, 2022 02:32 PM
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Chip Nellinger with Blue Reef Agri-Marketing says grains saw profit taking heading into a long weekend, which is not unexpected. However, he thinks the market has more work to do.
Scott Varilek with Kooima Kooima Varilek says the cattle market is very oversold and due for a bounce but the long term charts have been damaged.
Rich Nelson with Allendale says the corn and wheat markets saw profit taking but also latched on to Black Sea headlines indicating Russian President Putin was open to a peace deal with Ukraine.
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