Wheat extends gains after Wednesday’s reversal. Soybeans and corn hold together in a risk off day with bearish weather and exports. Cattle consolidated but again brushed off bearish bank news, while hogs saw follow through selling on the futures premium and lower cutouts. Chip Nellinger, Blue Reef Agri-Marketing has more.
Wheat Extends Gains, While Corn and Beans Hold up in a Risk Off and Bearish News Day: Cattle Consolidate
Wheat extends gains after Wednesday’s reversal. Soybeans and corn hold together in a risk off day with bearish weather and exports. Cattle consolidated, hog fail. Chip Nellinger, Blue Reef Agri-Marketing.
May 04, 2023 02:26 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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