November 6, 2017
Soybeans are trying to avoid major follow-through selling after Friday’s break took futures to some key support levels. USDA may not make any major changes to its production forecast in Thursday’s update, and that’s part of the problem as rains return to dry areas of Brazil’s major growing region. Corn could get a bearish increase in production from USDA but the slow pace of harvest is helping support the cash market, keeping futures from falling off this morning. Wheat is also firm as basis levels strengthened last week.
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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 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.
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