Daniels Trading Senior Broker and author of Turner’s Take newsletter Craig Turner was quoted in the August 11th, 2015 Dow Jones Newswire article titled “U.S. Grains, Soybeans Retreat on Better Weather and Demand Concerns” by Jesse Newman of the Wall Street Journal.
News of China’s weakened currency “really took the wind out of everyone’s sails,” said Craig Turner, senior broker at Daniels Trading in Chicago. “China’s purchasing power for soybeans is now reduced.”
Prices for the oilseeds also fell as weather models for the U.S. Midwest turned wetter, analysts said. Forecasts for dry conditions in the U.S. Farm Belt shored up crop prices on Monday, but signs that rainfall may soon benefit crop health on Tuesday pushed prices lower. Steady crop condition ratings also pushed prices lower for the oilseeds.
Soybeans for August delivery sank 30 3/4 cents, or 2.9%, to $10.14 a bushel at the Chicago Board of Trade. Prices rose to a one-month high in the previous session.
Corn prices also fell after hitting a more than two-week high on Monday amid an improved weather outlook and stable crop-condition ratings. Though analysts had expected conditions to decline, the USDA in a weekly report said roughly 70% of the U.S. corn crop was in good or excellent condition, the same as a week earlier.
“Today’s weather models are not as hot and not as dry as before,” said Mr. Turner. “Basically everything that was bullish yesterday is bearish today.”
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