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“Soybean prices traded higher on delays in imposing additional tariffs on more Chinese goods,” Ami Heesch, with CHS Hedging, said. “Prices drew additional support on technicals. The November tickled is 30-Day MA at $8.96 ¾ but failed to hold at or above that level. November closed below its 20-Day MA of $8.90.”

Markets were still sorting out soybean expectations. “Yesterday's USDA yield at 48.5 bushels an acre wasn't necessarily a surprise, although some were looking for a reduction,” Stewart-Peterson said. “Private estimates are suggesting 1 to 3 bushels less. This could be significant as carryout could drop under 500 million if that indeed does become the case.”

This article originally ran on agupdate.com.

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