Soybeans recovered from early profit taking overnight, trying to hold on to Monday’s gains. Another strong week of export inspections got the ball rolling yesterday, followed by news a Chinese trade delegation will sign agreements for more purchases next week in Chicago. The strong pace of commitments means USDA is likely to cut its forecast of 2014 crop ending stocks in Wednesday’s monthly supply and demand report.
Senior Market Analyst Bryce Knorr offers his insight into overnight trade, listen using the audio tool on this page.
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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.