Massive fund selling continues to push the grains lower with new contract lows in wheat and corn breaking chart support. Prices have lost a lot of ground the last couple of weeks, but are they getting close to a bottom? Cattle see some buying support from strong beef values, but still waiting for more cash direction. Hogs are struggling despite a marketing year high for exports and a strong technical close Wed. Mark Schultz of Northstar Commodity has details.
Massive Fund Selling Pushes Corn Through Support, Wheat to Contract Lows: Cattle Firm with Strong Beef but Eyes Cash
Massive fund selling pushing grains lower, but are they getting close to a bottom? Cattle firm with strong beef prices, but waiting for more cash direction. Hogs are struggling. Mark Schultz, Northstar Commodity.
April 27, 2023 11:45 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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