Soybeans Again On A Tear Overnight

Soybeans Again On A Tear Overnight

Tight supplies, lack of cancellations from China push soybean market higher. (Audio)

While corn and wheat faded overnight gains, soybeans saw follow through buying overnight, adding to Tuesday’s gains. Ability to confirm the move by May back above $14, filling an upside gap, kept technical momentum stronger with no new reports of cancelations from China reviving ideas that U.S. supplies could get very tight this summer.

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

Tight supplies, and lack of China order cancellations drive soybeans higher overnight.

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
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