Short covering lifts wheat again

Short covering lifts wheat again

Soybeans still under pressure after weak export sales. (Audio)

Grain markets are mixed this morning, but wheat and corn turned higher, reversing earlier losses. Wheat continued to pick up short covering gains Thursday after this week’s chart breakout, bringing corn a long for the ride. Soybeans are still lower, however, feeling the effects of weakening export business as buyers shift purchases to South America.

Senior Market Analyst Bryce Knorr offers his insight into overnight trade, listen using the audio tool on this page.

Wheat rises, and corn goes along for the ride. Soybeans soft on weak export news.

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.

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TAGS: USDA Soybean
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