Soybean futures looked like they were toast a couple of times so far in June, but the market has kept bouncing back. November survived a test of chart support Thursday and is trading above $13 as the overnight session begins to wind down Friday morning. Old crop corn prices are also higher on tight supplies, but December is choppy after USDA’s bearish production estimate this week.
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.
And be sure to check http://www.FarmFutures.com after 11 when we start posting information from the USDA report. We'll provide updates as we parse through the information. And you'll get more analysis in the afternoon edition of Farm Futures Daily - our twice-daily e-newsletter. If you want to see it, sign up here.
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.
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