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Soybeans give back surprising late rally

Trade and jobs report keep markets unsettled. (video)

Grain futures staged an impressive rally Thursday that pushed corn and wheat to new multi-month highs. But those gains eroded on profit taking overnight. Soybeans gave back all their late rally and then some as worries about trade and rising acreage dented enthusiasm. The first round of talks between the U.S. and China as expected ended without a breakthrough, leaving most markets unsettled ahead of this morning’s jobs report for April, which is expected to show more employment and wage growth.

 

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.

For more corn, wheat and soy news, commodity marketing recommendations and daily commodity charts, subscribe to Farm Futures' free e-newsletter, Farm Futures Daily, and keep up during the day with Farm Futures on Twitter.

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