Markets ended mostly lower as money flowed into the equities and metals & out of commodities. Corn and beans saw spread unwinding and profit taking, while wheat was lower on poor exports. Nearby cattle hit some new highs after record cash developed, then saw some hedge pressure. Tommy Grisafi of Advance Trading has details.
Markets Mostly Lower on Risk Off Selling, Profit Taking on Spreads: Cattle Hit by Hedge Pressure After Record Cash
Markets end mostly lower on risk off, profit taking on corn & soybean spreads, and poor exports. Nearby cattle hit new highs after record cash, then saw hedge pressure. Tommy Grisafi of Advance Trading.
April 13, 2023 02:35 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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