Soybean rally falls flat

Soybean rally falls flat

Futures reverse lower after hitting chart objectives as poor jobs data stuns Wall Street. (audio)

Soybeans were off to the races again this morning on the day session open, but things headed south in a hurry. After testing a couple of upside price targets July futures reversed lower from new highs for the rally. In addition to chart-based profit taking, weakness in outside markets may also be sending bulls to the sidelines. The U.S. economy created only 38,000 jobs in May, a performance that was much worse than expected and calls into question ideas the Federal Reserve could raise interest rates this summer.

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

Soybeans were off to the races again this morning on the day session open, but things headed south in a hurry.

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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