Soybeans Get Hammered Before Report
Bearish chart action causes follow-through selling in soybeans overnight. (Audio)
Published: Jan 11, 2013
Quiet trade was expected ahead of this morning’s big January crop reports from USDA, but moves in the soybean market were anything but tepid. After suffering a bearish reversal lower from overhead resistance on Thursday beans continued to sell off overnight, posting double digit losses as weather continues to point towards a huge South American crop.
Farm Futures Senior Editor Bryce Knorr offers an early look at overnight trade.
You can listen to their conversation by clicking on the audio link on this page.
Senior Editor 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.
TOUGH NIGHT: Bearish chart action causes follow through selling in soybeans overnight.
You can also catch Bryce Knorr daily at www.DatelineDrought.com where he offers an afternoon video wrapup on the markets, often in partnership with Max Armstrong or Greg Soulje. The site is focused on moving into 2013 after the devastating 2012 Drought and includes links from the Farm Progress family of magazines on a wide range of drought and farm management topics.
And we're offering a new free report - Five Post Drought Strategies for a Better 2013 - filled with a wide range of information you can use in your operation. Check out the link today for the free download.
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