Minneapolis futures gapped higher overnight, surging to new contract highs after USDA made another dramatic reduction in its rating for the crop. The rest of the grain complex found some coattails on the rally, which could face a key test. Heavy rains are moving through the Dakotas this morning, storms that should spread over much of the Midwest in coming days. Parts of the Plains could miss out on the moisture, however. Meanwhile, the Federal Reserve begins a two-day meeting on monetary policy today that could result in another interest rate increase.

Knorr discusses overnight market moves with Pam Jahnke, Wisconsin Farm Report, and you can listen using the audio tool below.

Senior Editor 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 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. And you can follow Farm Futures throughout the day on Twitter at twitter.com/farmfutures. And check out our new Facebook page at facebook.com/farmfutures.

Pam Jahnke is Farm Director of the Wisconsin Farm Report that is carried on 16 stations in Wisconsin.  Known as the "Fabulous Farm Babe" Pam studied broadcast journalism and broad area agriculture at the University of Wisconsin - River Falls. After college, Pam moved into her chosen field, doing farm broadcasting, radio and television, from Green Bay to Eau Claire, WI - and she's never looked back.  Pam often says she feels like farm broadcasting and communicating on behalf of food producers is exactly what she was made for. Pam has been named "Friend of Agriculture" by the Wisconsin Department of Agriculture for her assistance in raising awareness of the "Harvest of Hope" program. She has also served as president of the National Association of Farm Broadcasting.