Soybeans Rally Into USDA Day

Soybeans Rally Into USDA Day

Funds have plenty of buying power if the government's numbers surprise. (Audio)

While corn and wheat were quiet overnight, soybeans turned around from Friday’s disappointing finish to attract good buying. Forecasts for warmer and drier conditions, and news funds turned bearish last week triggered some buying. Big speculators held net short positions covering corn, soybeans and wheat in Friday’s Commitment of Traders, providing plenty of buying support if USDA comes out with a bullish surprise.

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

REPORT READY: There's potential buying waiting in the winds if USDA is bullish.

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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