Soybeans Turn Back Profit Taking

Soybeans Turn Back Profit Taking

March futures advance to new highs as traders brace for export data. (Audio)

Light profit taking in soybeans didn’t last long in the overnight session. Futures started to firm when trading began in Europe, then picked up steam when computers in the U.S.  were switched on. The market will watch this morning’s export sales report for signs of cancellations from China, despite news of a big sale of soybeans earlier this week.

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

EXPORT WATCH: Soybeans stayed firm but traders are looking for China buying news as an indicator today.

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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