Markets headed in different directions overnight. Grain futures pulled back from recent rallies, consolidating gains, while Wall Street looks ready for a higher open today. The mood in the financial community could change, however, if the report on Consumer Price Inflation due out at 7:30 a.m. CST shows any whiff of inflation, the bogeyman for investors lately. Grain traders meanwhile, focus on weather in Argentina, which still looks hot and dry.

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Bryce Knorr first joined Farm Futures Magazine in 1987. In addition to analyzing and writing about the commodity markets, he is a former futures introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Call on www.FarmFutures.com he writes weekly reviews for corn, soybeans, and wheat that include selling price targets, charts and seasonal trends. His other weekly reviews on basis, energy, fertilizer and financial markets and feature price forecasts for key crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.