AgResource Mid-Day Commentary; CBOT Retreats After Early Fund Buying;Corn/Soy Futures Fall from Chart Resistance; Black Sea/ Brazilian Corn Not Following
CBOT futures opened sharply higher following the announcement that China had booked over 500,000 MTs of US new crop soybeans amid the left-over bullishness from technical/chart based considerations. December corn and November soybeans tested key resistance at $6.75 and $14.85 before retreating. Futures are well off their highs at midday. Traders are awaiting the Jackson…