Stock markets rallied around the world overnight, helping to lift U.S. index futures to new all-time highs. But while Wall Street is booming again, the grain market is seeing some profit taking following last week’s rallies. Lack of bullish weather news may be a factor. Storms are moving across part so the southern Plains this morning, providing moisture for hard red winter wheat. Argentina was dry over the weekend, keeping flood worries there at bay.

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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.