Grains close lower with soybeans pressured by lower soybean oil and SA rains, corn and wheat removed war premium. However, corn held support with the largest one day purchase of corn by Mexico ever. Livestock ended higher with technical buying and softer corn helping out. Michelle Rook talks with Alan Brugler of Brugler Marketing.
Soybeans Lower Following Soybean Oil, Grains Removed War Premium: Technical Buying Supports Livestock
Grains close lower with soybeans pressured by lower soybean oil and SA rains, corn and wheat removed war premium. Livestock ended higher with technical buying. Michelle Rook w/ Alan Brugler, Brugler Marketing.
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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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