Soybeans showed more weakness overnight when trading began again for the week, on the heels of Friday’s bearish reversal lower that left an island gap on the nearby chart with the expiration of a volatile September futures contracts. Corn and wheat are trying to firm, with good demand for hard red winter wheat lifting hopes for a bottom in that market. Outside markets are sharply higher as the Federal Reserve begins a two-day meeting tomorrow.
Senior Editor Bryce Knorr offers his insight into overnight trade, listen using the audio tool on this 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.
MIXED MESSAGE: Soybeans weak overnight, but corn and wheat are trying to firm.
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