Drier forecasts give soybeans a boost

Drier forecasts give soybeans a boost

November futures back above $11 as traders worry about weather. (Audio)

Futures are mostly higher this morning, with follow-through buying from Tuesday’s post-USDA report rally starting to pick up steam as the overnight session winds down. Soybeans are again leading the charge, and November futures regained an $11 handle after updated forecasts added more dryness for next week, as heat starts to build. Stocks are also holding on to gains following their move to all-time highs on Wall Street.

Knorr shares market insights from overnight trade and you can listen using the audio tool on this page (just scroll down).

Overnight trade mostly positive, even on the stock market. Weather worries push soybeans back over $11.

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.

TAGS: USDA
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