Futures charge higher on turnaround

Futures charge higher on turnaround

Corn, soybeans and some wheat contracts reverse higher. (audio)

Sometime you don’t need a reason to rally, especially soybeans, which showed a penchant for surprises in May. With June trading underway that trend is continuing. Soybeans reversed higher when July futures couldn’t take out the overnight low on the morning open. After that it was off to the races again for double digit gains despite a lack of concrete news. Outside markets also recovered from the worst of their downturn on better than expected manufacturing data, helping soybeans hold on to its gains. Corn also moved higher along with wheat, which attracted profit taking from shorts and bargain hunting.
 

Listen to the report using the audio link on this page.

Soybeans reversed higher when July futures couldn’t take out the overnight low on the morning open. (Photo: maciek905/Thinkstock)

Senior Editor Bryce Knorr 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.

For more corn, wheat and soy news, commodity marketing recommendations and daily commodity charts, subscribe to Farm Futures' free e-newsletter, Farm Futures Daily, and keep up during the day with Farm Futures on Twitter.

TAGS: USDA
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