Wheat is the price leader on dryness concerns in spring wheat areas and slow HRW harvest. Corn makes new lows for the move and soybeans fade seeing profit taking after hitting resistance and with rains the last 24 hours and more in the forecast. Feeders make contract highs as corn weakens, while live cattle consolidate and hogs make new highs for the move on cash and cutout strength. Mark Schultz, Northstar Commodity has more.
Wheat Leads on Weather Concerns, But Corn and Soybeans Fade on Rain: Feeders Make Contract Highs, With Hogs Strong
Wheat up w/dryness concerns in HRS & slow HRW harvest. Corn & beans see profit taking. Feeders make contract highs, live cattle consolidate and hogs follow higher cash, cutouts. Mark Schultz, Northstar Commodity.
July 05, 2023 11:17 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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