A mixed day in grain and livestock. Profit taking hit soybeans, meal and cotton, plus rising China tensions. Corn was slightly higher but is stuck in a trading range, while wheat was mixed but is at least holding support. Live cattle made new contract highs again with higher cutouts and cash with some reports of $159-$160. Hogs weighed on by China news and the futures premium to the LHI. Alan Brugler of Brugler Marketing has details.
Mixed Closes with Soybeans & Meal Lower on Profit Taking, China Tensions: Live Cattle Hit Contract Highs on Higher Cash
A mixed day w/beans and meal down on profit taking, rising China tensions. Corn slightly higher but rangebound. LC made new contract highs with higher cutouts and cash. Alan Brugler, Brugler Marketing has more.
February 06, 2023 02:15 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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