Soybeans see profit taking overnight

Soybeans see profit taking overnight

Most markets under pressure from stronger dollar, economic woes. (Audio)

Grain futures are giving back some of Tuesday’s gains today, paced by yesterday’s big winner, soybeans. Drier forecasts for stressed areas of the eastern Midwest could get planting going there over the next week, but above average precipitation is still in the two-week outlook. Outside markets are in retreat on a stronger dollar that’s gaining traction from ideas the Federal Reserve could move more quickly than anticipated to raise interest rates.

Knorr shares market insights from overnight trade and you can listen using the audio tool on this page (just scroll down).

Global market turmoil had traders doing some profit-taking overnight, hitting soybeans.

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. And you can follow Farm Futures throughout the day on Twitter at www.twitter.com/farmfutures.

TAGS: USDA
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