Mixed closes with wheat up on short covering and putting in war and weather premium, that supported corn as well as more China sales, while soybean saw additional corrective selling and pressure from Brazil’s record supplies and reports of imports into the SE U.S. Cattle saw some healthy profit taking, while funds covered some of their massive short position in hogs, which were oversold after new contract lows Thursday. Arlan Suderman of StoneX has details.
Wheat Higher on Weather Concerns, Corn Supported by China Biz, While Brazil’s Crop Weighs on Beans: Livestock Saw Corrective Action
Wheat put in war/weather premium, w/corn rebounding on China biz. Follow through selling in beans w/Brazil’s record supplies. Cattle saw some healthy profit taking, w/short covering in hogs. Arlan Suderman, StoneX.
April 14, 2023 02:11 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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