Markets closed mostly higher with contract highs in soybean meal on South American crop concerns. That supported soybeans and corn, but they ended off highs running into chart resistance. Wheat continued to trade Black Sea export concerns. Contract highs in live cattle working in higher cash. John Payne of Hedge Point Global Markets has more.
Meal Closes Above $500 Supporting Soybeans, Wheat Trades Black Sea Export Concerns
Meal closed above $500 on SA crop losses lifted beans and corn. Black Sea export concerns supported wheat. Live cattle hit contract highs on strong cash. John Payne of Hedge Point Global Markets has more.
February 13, 2023 02:10 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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