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Analysts said grain prices could see a healthy correction after weak weekly US export sales and some cancellations. Buyers are shifting to new-crop contracts.
In parts of Kansas, cash hard red wheat was 71 cents below cash corn, which may push livestock feeders toward wheat.
Wheat priced well below corn encourages feed substitution, which lifts wheat feed demand and weighs on corn feed demand. Weak export sales point to downside risk for corn and soybean prices, though South American crop problems support prices.
mainlinemedianews.comMay 12, 2021
thereporteronline.comMontgomery MediaMay 12, 2021Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Analysts flagged a healthy correction after weak US export sales and cancellations, with buyers moving to new-crop contracts, which points directly to a sentiment- and demand-driven selloff in wheat.
Analysts flagged a healthy correction due to weak export sales and cancellations, with buyers shifting to new-crop, which weighed on sentiment.
