Grains ended lower on technical selling, harvest pressure and export concerns tied to all-time low water levels on the Mississippi River. However, wheat was also chasing headlines about hopes for an extension of the Ukraine export deal and rain chances in the Plains. Livestock staged another big rally on fund buying with spot month live cattle hitting the highest level since 2015 and hogs trading on China export hopes. Michelle Rook gets full analysis with Brian Grete of Pro Farmer.
Strong Close in Livestock on Fund Buying; Grains See Technical Selling, Harvest Pressure, Export Concerns and Hopes
Michelle Rook gets analysis with Brian Grete of Pro Farmer.
October 18, 2022 02:52 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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