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Soybeans extend rally on trade hopes

Futures try to break out of downtrends. (Video report)

Hopes for trade talks between the U.S. and China turned into a one-two punch for the markets over the past 24 hours. Soybeans shot sharply higher when President Trump tweeted about a long conversation on trade with Chinese President Xi. Markets added to gains overnight after news broke that Trump asked his cabinet to draw up plans to discuss with Xi at the G-20 summit at the end of November. Corn and soybeans followed the rally with modest gains, trying to break out of October downtrends.

Watch the latest Facebook video posting from Bryce Knorr and be sure to like or follow the Farm Futures Facebook page.

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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