Wheat rallies sharply with corrective buying on weather and harvest concerns, plus a threat on Ukraine’s nuclear plant. New crop corn and beans hold slight gains still factoring in weather and acreage shifts. Profit taking and hedge pressure hits cattle after new highs, while hogs push higher following strong cash and cutouts with improved demand. Don Roose, U.S. Commodities has details.
Wheat Rallies on Crop Concerns and Corrective Buying, New Crop Corn and Beans Hold Slight Gains: Profit Taking Hits Cattle After New Highs
Wheat up on wx, harvest concerns, Ukraine nuclear plant threat. Row crops hold gains digesting acreage & wx. Profit taking hits cattle after new highs, hogs follow higher cash & cutouts. Don Roose, U.S. Commodities.
July 05, 2023 02:50 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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