Mostly lower ag markets. Cattle and hogs react negatively to Middle East conflict, while wheat sees short covering putting in risk premium. Corn and soybeans position ahead of the WASDE but also see hedge pressure. Mark Schultz, Northstar Commodity, has more.
Markets Mostly Lower Except Wheat: React to Middle East Conflict, Harvest, Upcoming WASDE
Cattle and hogs lower on Middle East conflict, while wheat sees short covering. Corn and soybeans position ahead of the WASDE, also see hedge pressure. Mark Schultz, Northstar Commodity, has more.
October 09, 2023 02:36 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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