A mixed day in grain futures with bull spreading in corn and soybeans as old crop supplies are tight, while new crop sees pressure on better weather. Wheat ended mixed on spread trade as well. More highs in cattle chasing cash while hogs can’t seem to find a bottom in cash or futures which score new low closes. Garrett Toay of AgTraderTalk has details.
Old Crop Corn and Beans Supported by Tight Supplies and Bull Spreads: Cattle Chase Cash, While Hogs Fall With Cash
Corn and beans mixed with tight supplies and bull spreads, while new crop trades weather. Wheat also mixed on spreads. More highs in cattle chasing cash while hogs can’t find a bottom. Garrett Toay, AgTraderTalk.
April 12, 2023 04:51 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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