Wheat hits new lows in KC on technical selling, better crop ratings than 2022 and talk of Russia lowering its export tax. Corn and beans higher on corrective buying, a Mexican bean sale, higher meal and watching SA weather. Cattle still consolidating but nearing chart resistance. Kevin Duling, KD Investors has more.
Soybeans See Corrective Buying, Fund Selling and Ratings Hit Wheat, Corn Stuck: Cattle Consolidating Under Chart Resistance
Wheat hits new lows in KC on fund selling, crop ratings, talk of Russia lowering its export tax. Row crops up on corrective buying. Cattle consolidating under chart resistance. Kevin Duling, KD Investors has more.
October 31, 2023 03:19 PM
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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.
Wheat futures were up 30 to 35 cents early Wednesday adding risk premium as Russia and Ukraine attacks have escalated says Jamie Gieseke with Paradigm Futures.
Rich Nelson, chief strategist for Allendale says row crops are pausing right now until the weather story is really decided, while wheat is concerned about rising tensions in the Black Sea region.
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