Grain Market Posts Cautious Recovery

Grain Market Posts Cautious Recovery

Corn takes aim at farm chart resistance while soybeans try to hold the line against further selling. (Audio)

Futures are trading modestly higher across the board as the overnight session winds down, led by steady buying in corn. May futures is trying to take out its 200-day moving average, after posting a bullish reversal higher Monday. Soybeans are also bouncing back from yesterday’s selloff, with news of huge Chinese cancellations of purchases from Brazil due to shipping delays raising eyebrows.

Farm Futures Senior Editor Bryce Knorr offers an early look at overnight trade.

You can listen to his commentary  by clicking on the audio link on this page.

PUSHING UP: Corn is trying to push above the 200-day moving average, while soybeans aim to hold their ground.

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 check out www.DatelineDrought.com, which is focused on moving into 2013 after the devastating 2012 Drought and includes links from the Farm Progress family of magazines on a wide range of drought and farm management topics.

And we're offering a new free report - Baling Up Hay-Making Costs: A Buyer's Guide - ahead of forage season. Check it out.

TAGS: USDA Soybean
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