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
Wednesday morning USDA reported a flash sale of 13.2 million bushels of soybeans to unknown destinations and Randy Martinson with Martinson Ag says the market is betting that its China.
Soybeans were sharply lower in the overnight trade and then saw a gap higher open during the day session on talk that China was in pricing U.S. soybeans says Brian Grete with Commstock Investments.
Promising new technologies are entering the market, but large-scale corn and soybean farmers often face a frustrating bottleneck.
Get News Daily
Get Market Alerts
Get News & Markets App