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Futures fizzle while Wall Street soars

Chart resistance weighs on February grain rally (video)

Grain futures are a little softer this morning, after an attempt to rebound from Tuesday’s decline couldn’t hold. The pullback from technical resistance on price charts came despite a soaring day on Wall Street that took U.S. stock index to all-time highs. Stock futures made new highs overnight, but are mixed as the overnight session winds down. Demand news is in focus today in the grain market, including reports on ethanol production and soybean crush.

Senior Editor Bryce Knorr offers his insight into overnight trade.

 

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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