Grains are mixed with pre-holiday positioning and short covering in the case of wheat, plus trading weather and poor weekly exports. Cattle see profit taking and hedge pressure after hitting contract highs and watching debt ceiling talks, hogs hit contract lows. DuWayne Bosse of Bolt Marketing has details.
Profit Taking in Grains Ahead of Holiday, Watching Weather, Exports, Debt Ceiling Talks: Cattle Consolidate After New Highs
Grains mixed on pre-holiday positioning, profit taking, weather and poor weekly exports. Cattle see profit taking and hedge pressure after contract highs, hogs make contract lows. DuWayne Bosse, Bolt Marketing.
May 25, 2023 11:25 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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