Wheat under pressure as inspections resume in the Black Sea and some rain chances in HRW areas. Corn and soybeans bounced off support with no China cancellations. Grains also see some WASDE positioning. At these prices should livestock producers get feed needs lined up? Nick Tsiolis, Farmer’s Keeper has details.
Wheat Down on Weather, Black Sea News While Corn and Beans Hold Support Ahead of WASDE
Wheat under pressure as inspections resume in the Black Sea and some rain chances in HRW areas. Corn and soybeans bounced off support with no China cancellations, WASDE positioning. Nick Tsiolis, Farmer’s Keeper.
May 10, 2023 09:57 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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