Soybeans Lead Grains Higher Early: While Livestock Chop Awaiting FOMC Announcement

Kent Beadle, Paradigm Futures, says November soybeans are finally above the 50 day moving average for a number of reasons, including more talk of China business.

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.

AgWeb-Logo crop
Related Stories
Jeff Cecil steps into the top role with a mission to integrate cutting-edge technologies and accelerate innovation as farmers navigate economic headwinds and volatile markets.
Jerry Gulke, president of The Gulke Group, says it doesn’t matter whether farmers believe the USDA report or not because it’s what the market is trading.
Brian Grete with Commstock Investments says a corn yield decrease was built in ahead of the report with average trade guesses .7 bu. lower than September. This is the largest October yield increase back to 2004.
Read Next
Snagged by a power sweep, Alec White understood the grim dynamic: What the corkscrew gets, it keeps.
Get News Daily
Get Market Alerts
Get News & Markets App