Wheat is trying to hold on to early gains with concerns about the Black Sea Grain deal, but the rest of the grains have faded early strength ahead of crop progress and the May WASDE. Cattle trying to recover but can the market build on it if cash is weaker again? Hogs continue to disappoint but wait for cash to catch up. Kent Beadle with Paradigm Futures has details.
Wheat Tries to Hold Early Gains While the Rest of the Grains Fade: Cattle See Short Covering Awaiting Cash, Hogs Consolidating
Wheat tries to hold early gains, with the rest of the grains fading ahead of crop progress and the May WASDE. Cattle rebound but await cash, hogs try to consolidate after an ugly week. Kent Beadle, Paradigm Futures.
May 08, 2023 11:36 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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