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Technical Buying Buoys Beans

Technical Buying Buoys Beans

Ability to hold chart support lifts futures, while traders wait to see if China buys more from the U.S. (Audio)

After taking a beating the last couple of weeks soybeans are finally starting to show a little strength, after the March contract was able to hold several tests of its 50-day moving average this week. Now traders are waiting for confirmation from fundamentals, wondering if China will buy more soybeans from the U.S. or sell from state-owned reserves to fill in the gaps until South American supplies arrive.

Listen to the report using the audio link on this page.

Ability to hold chart support lifts futures, while traders wait to see if China buys more from the U.S.

Bryce Knorr, Senior Editor, Farm Futures, first joined Farm Progress Cos. in 1987. In addition to analyzing and writing about the commodity markets, he is a former future 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 Market Review on FarmFutures.com, he writes weekly reviews for key commodities and crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.

TAGS: USDA
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