Grain and livestock markets mostly lower except some mixed trade in cattle. Soybeans and corn are seeing profit taking and have worked in the Argentina crop concerns. Cash basis levels on grains are also starting to soften in the country. Nick Tsiolis of Farmer’s Keeper says there is downside risk and provides some marketing advice.
Markets Mostly Lower Early: Corn, Soybeans Consolidating and Cash Basis Softening
Markets mostly lower early with profit taking in corn and beans with Argentina crop concerns dialed in. Cash basis levels on grains are also softening. Nick Tsiolis of Farmer’s Keeper says there is downside risk.
February 22, 2023 09:53 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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