Grains are higher early Wednesday led by soybeans.
Kent Beadle, Paradigm Futures, says China soybean prices spiked higher after they came off of holiday and are nearly $4 above U.S. prices.
Plus, there are rumors of China and even Argentina buying U.S. soybeans.
Beadle also thinks the market is getting some support as early yield reports on soybeans have been disappointing.
November finally got above the 50 day moving average and he says a close above that level would be signficant.
Corn and wheat are both above their 50 day moving averages and have been for several days.
Wednesday both markets try to extend slight gains from Tuesday with spillover from soybeans but also stronger demand.
Live cattle had a strong technical close yesterday and nearby contracts climbed above key resistance but are in a holding pattern awaiting the FOMC decision.
Lean hog futures are chopping back and forth as well.
