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Soybeans were pressured by a number of sources. “Soybeans traded lower in sympathy with the sharp drop in the crude oil market,” Ami Heesch, with CHS Hedging, said. “Prices were also pressured from a bout of profit taking after yesterday’s rally. November beans fell short of its 30-Day moving average of $8.96 with the day’s high at $8.93 ½.”

“Some support was seen overnight on news that the U.S. would delay the 10% tariffs on some Chinese products until mid-December,” Stewart-Peterson said. “High level Chinese and American officials also spoke on the phone earlier this week and some are feeling that the two sides may be softening their positions.”

This article originally ran on agupdate.com.

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