Soybeans try to extend Tuesday's rally

Soybeans try to extend Tuesday's rally

Dry forecast, higher crude prices give futures a lift. (Audio report)

Soybeans are higher this morning, getting a little follow-through buying from Tuesday’s rally as forecasts turned warm and dry for next week. Crude oil prices are also posting modest gains, despite another slump in Chinese stocks. Corn and wheat faded in their attempt to move higher after the start of trading in Europe, despite concerns about overseas production, as traders hone in on analysts’ estimates for the U.S.

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

Drier weather has traders doing some follow-through buying on soybeans. Corn and wheat, not so much.

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.

Get an early look at what USDA may release Aug. 12 in a special webinar with Bryce Knorr on Aug. 5. Check out information to sign up for the event.

TAGS: USDA
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