Soybean News
The latest soybean commodity market news and insights for soybean producers and agribusiness.
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Brady Huck with Advance Trading says corn and soybeans continue to see profit taking and consolidation after the recent run off the August lows. Currently both markets are testing key support that needs to hold.
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Jim McCormick with AgMarket.Net says corn saw some profit taking after hitting chart resistance as the December contract neared $4.25, which coincided with the 38% retracement level.
Rich Nelson, Chief Strategist with Allendale, Inc. says corn was lower Wednesday, seeing some profit taking after getting overbought but the rest of the grain and livestock complex were also lower.
Even with talk of shrinking soybean yields due to the dry weather pattern that shut out rain for much of the Midwest and Mid-South in August, one fact remains: China still isn’t buying U.S. soybeans.
The amount of damage that can occur in crops depends largely upon these factors — how cold it gets and for how many hours, and the plants’ stage of development.
Mike Zuzolo, Global Commodity Analytics, says soybeans saw risk off selling as China aligned itself with Russia and India, which signals no deal between the U.S. and China any time soon.
Brad Kooima of Kooima Kooima Varilek says live and feeder cattle futures are back into new contract and all-time highs after showing considerable resilience last week and despite a selloff in the equities. Grains sell off on tariff concerns.