Grain and livestock prices closed mostly lower on Wednesday except wheat. Wheat continued to try to retain some war premium despite some fresh 20-year highs in the dollar index. Corn and soybeans hit price resistance on the charts and saw profit taking and hedge selling pressure. Cattle and hogs set back on profit taking. However, there was also some money flow buying and selling ahead of the Fed announcement, with the FOMC raising their benchmark rate the expected 75-basis points. Michelle Rook get s details from Tommy Grisafi of Advance Trading.
Profit Taking Hits Grain and Livestock Prices Ahead of Fed Decision: Wheat the Exception Holding War Premium
Profit taking hit grain and livestock prices Wednesday ahead of the Fed announcement. The exception was wheat trying to retain war premium. Michelle Rook get s details from Tommy Grisafi of Advance Trading.
September 21, 2022 02:19 PM
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Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
Garrett Toay with AgTraderTalk says after the big rally to start the week the grain markets saw some profit taking and corrective selling.
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