Wheat and corn closed higher on Black Sea export concerns and putting in weather premium. Soybeans set back with lower meal and profit taking. Cattle saw more profit taking and hedge pressure, with more contract lows in the hogs. Kent Beadle with Paradigm Futures has analysis.
Wheat and Corn Up on Black Sea Export Concerns and Weather, Beans and Cattle Consolidate
Wheat and corn closed higher on Black Sea export concerns and putting in weather premium. Soybeans and cattle were hit by profit taking, with more contract lows in hogs. Kent Beadle, Paradigm Futures.
May 23, 2023 02:40 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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