Chart Weakness Sinks Corn and Soybeans

Chart Weakness Sinks Corn and Soybeans

Futures break support from six-week rally. (Audio)

Grain futures are lower across the board this morning, with bullish news in short supply. Both nearby corn and soybeans confirmed Tuesday’s break below the channels that marked their rallies in October and November, with heavy volume in corn noted ahead of Friday’s options expiration. South Korea bought less corn than expected at a series of tenders overnight, and the deals may not be sourced with grain from the U.S., which is more expensive than shipments out of Brazil or Ukraine.

Senior Market Analyst Bryce Knorr offers his insight into overnight trade, listen using the audio tool on this page.

Futures break support from six-week rally sinking corn and soybeans.

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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 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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