Harvest Pressure Sinks Soybeans

Harvest Pressure Sinks Soybeans

Big Chinese purchase gives support to corn futures. (Audio)

Grain prices are mixed as the overnight session begins to wind down, following Tuesday’s bearish reversals in corn, soybeans and Chicago wheat. Soybeans are lower on hedge pressure from active harvesting in the U.S. this week, but corn prices are firm after confirmation that China bought 16.5 million bushels yesterday. Financial markets appear to be more optimistic a budget and debt ceiling deal may get done in Washington, helping stock index futures rebound from heavy selling yesterday on Wall Street.

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

HARVEST SLUMP: Combines are rolling and soybeans slide on hedge pressure.

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 Soybean
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