India raised taxes on imports of vegetable oil, which had been rumored. The tax hike had an immediate impact on the palm oil which, which in turn weakened soybean oil in the U.S. and China.
The forecast for this week looks dry, which should aid harvest completion.
It's a holiday week market, with markets closed on Thursday and trading in abbreviated fashion on Friday. December options also expire Friday.
Bryce Knorr first joined Farm Futures Magazine in 1987. In addition to analyzing and writing about the commodity markets, he is a former futures introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Call on www.FarmFutures.com he writes weekly reviews for corn, soybeans, and wheat that include selling price targets, charts and seasonal trends. His other weekly reviews on basis, energy, fertilizer and financial markets and feature price forecasts for key crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.
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