Market Stays Weak Into Floor Open

Market Stays Weak Into Floor Open

Big sale of soybeans lifts futures off lows but doesn't stop slide. (Audio)

Futures are staying filled with red ink ahead of the pit open in Chicago Monday morning, with chart weakness in beans spilling over into corn and wheat. Soybeans firmed off lows and moved back above $17 after USDA announced the sale of 7.7 million bushels of soybeans to unknown destinations under its daily reporting system for large purchases. Wall Street is also weaker this morning, but so far is avoiding major losses.

Bryce Knorr, Senior Editor, Farm Futures, first joined Farm Progress Cos. in 1987. In addition to analyzing and writing about the commodity markets, he is a former future 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 Market Review on FarmFutures.com, he writes weekly reviews for key commodities and crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.

TAGS: USDA
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