Short covering in wheat, but corn and soybeans held back by risk off outside markets & no bullish news in weather, exports. Cattle fade with lower equities, hogs can’t sustain a rally. Mark Schultz, Northstar Commodity has more.
Short Covering Emerges in Wheat, But Risk Off in Outside Markets and Lack of Bullish Demand or Weather News Weighs on Rest of Commodities
Short covering in wheat, but corn & soybeans held back by risk off outside markets & no bullish news in weather, exports. Cattle fade w/lower equities, hogs can’t sustain a rally. Mark Schultz, Northstar Commodity.
May 04, 2023 12:10 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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