Turnaround Tuesday hits with soybeans slipping

It's been a volatile week, with the recent new high placed by soybeans early in the week completely rejected, and the market is now tumbling back to near the 15.00 mark. We also explained why wheat is sharply higher while beans are lower.

Heartland Market Talk

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Grain futures mounted the classic turnaround Tuesday overnight, with corn and wheat holding gains as the wheat market is technically finding short covering from a large fund position. After making new lows for the year yesterday and Chicago wheat, index funds are lighting up on their position, which means they have to buy in order to get rid of their short. Soybeans turned lower after rallying higher by $0.16 on the session and are now dealing with more rain coming from Argentina setting up the prospects of further price erosion.

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