A mostly higher day in grain and livestock futures. Funds bought in the grains with concerns about wheat production after the WASDE report and uncertainty about the extension of the Black Sea Grain Initiative. Cattle continued to narrow the gap between cash and futures, while hogs sense a seasonal cash bottom. Arlan Suderman of StoneX has full analysis.
Wheat Leads Grains Higher On Concerns About Production and Black Sea Grain Deal
Funds buy in grains with concerns about wheat production and the Black Sea Grain deal. Cattle narrow the gap between cash and futures, while hogs sense a seasonal cash bottom. Arlan Suderman of StoneX has more.
May 15, 2023 06:47 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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