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Futures break chart support

Wheat leads markets lower. (Video report)

June 5, 2019

1 Min Read
Chill in the market

A downdraft in wheat following better than expected crop ratings this week fueled more selling in the grain market overnight. Both corn and two of the three wheat markets broke support from their May uptrends, triggering worries from chart traders. Soybeans were lower but fared a little better on reports China may still be interested in U.S. supplies.

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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 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.

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