China stock rally buoys commodities

China stock rally buoys commodities

Grain prices rally overnight as traders eye USDA report. (Audio)

Crop ratings showed improvement for corn and soybeans last week, which is normally bearish. But a rally in the Chinese stock market lifted the mood globally, triggering buying in commodities including grain futures. Production estimates are starting to hit the street ahead of USDA’s Aug. 12 forecasts, which could also trigger short covering after the July selloff.

Knorr discusses overnight market moves with Pam Jahnke, Wisconsin Farm Report, and you can listen using the audio tool on this page (just scroll down).

China brings good news, and trader predictions could bring short-covering ahead of Aug. 12 report.

Senior Editor 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. And you can follow Farm Futures throughout the day on Twitter at www.twitter.com/farmfutures.

Pam Jahnke is Farm Director of the Wisconsin Farm Report that is carried on 16 stations in Wisconsin.  Known as the "Fabulous Farm Babe" Pam studied broadcast journalism and broad area agriculture at the University of Wisconsin - River Falls. After college, Pam moved into her chosen field, doing farm broadcasting, radio and television, from Green Bay to Eau Claire, WI - and she's never looked back.  Pam often says she feels like farm broadcasting and communicating on behalf of food producers is exactly what she was made for. Pam has been named "Friend of Agriculture" by the Wisconsin Department of Agriculture for her assistance in raising awareness of the "Harvest of Hope" program. She has also served as president of the National Association of Farm Broadcasting.

Get an early look at what USDA may release Aug. 12 in a special webinar with Bryce Knorr on Aug. 5. Check out information to sign up for the event.

TAGS: USDA
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