Chinese devaluation triggers selloff

Chinese devaluation triggers selloff

Global markets head south on surprise move from People's Bank. (Audio)

At least part of Monday’s gains in the grain market were wiped out overnight, after China’s central bank announced a surprise cut in the value of the country’s currency. The yuan weakened to its lowest level in almost three years, setting off fears of an international currency war. After recent volatility on China’s stock market the news sent traders and investors to the sidelines in most markets, hammering commodities and stock exchanges around the world ahead of Wednesday’s USDA report.

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 currency move slams grains overnight taking back part of Monday's gains.

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.

Last week Bryce Knorr offered a first look at 2015 corn and soybean production ahead of the Aug. 12 USDA report, check out a playback of this informative webinar.

TAGS: USDA
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