Wheat is seeing profit taking despite slow spring wheat planting and a poor winter wheat crop rating. Corn and soybeans are quiet with spread trade and waiting for verification of the cold wet forecast ahead. Soybeans have also see support from a rally in bean oil and lower Argentina crop estimates. Some profit taking in live cattle awaiting cash direction with feeders supported by higher cash. Randy Martinson of Martinson Ag has more.
Wheat Consolidates, with Row Crops Trying to Hold Gains on Weather, Demand, Bean Oil Rally: Live Cattle Consolidate
Wheat sets back on profit taking, with corn & beans trying to hold watching weather, seeing spread trade. Live cattle are consolidating, while feeders are supported by strong cash. Randy Martinson of Martinson Ag.
April 18, 2023 11:48 AM
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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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