Wheat reverses as a drone strike on the Kremlin put the Black Sea grain deal in question, that pulls corn and beans off their lows. Cattle see pressure ahead of the Fed announcement and with lower products and cash at $172/$281. If the Fed takes a pause will specs come back into the commodity sector? Dave Chatterton with Strategic Farm Marketing has more.
Wheat Rallies After Drone Strike on Kremlin, Pulls Corn and Beans Off Lows: Cattle Down Ahead of FOMC News and Lower Cash
Wheat reverses as a drone strike on the Kremlin puts the Black Sea grain deal in question, pulling corn & beans off the lows. Cattle down ahead of Fed decision w/lower cash. Dave Chatterton, Strategic Farm Marketing.
May 03, 2023 11:29 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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