Wheat sales spur rally

Wheat sales spur rally

Soybeans struggle to hold gains despite unexpected buying from China. (audio)

Grain futures are mixed at midday Thursday, after surprising export sales data out this morning.  Traders didn't think much old crop soybean business was done, but USDA said 32.6 million bushels were booked in the latest week, including more than 20 million by China.

Still, soybeans could hold early gains. Wheat was doing better, especially hard wheat contracts, were enjoyed good sales last week too, helping the market turn around.

Listen to the report using the audio link on this page.

Soybeans struggle to hold gains despite unexpected buying from China.

Bryce Knorr, Senior Market Analyst, Farm Futures, first joined Farm Progress Cos. in 1987. In addition to analyzing and writing about the commodity markets, he is a former future 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 Market Review on FarmFutures.com, he writes weekly reviews for key commodities and crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.

TAGS: USDA
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