Grain futures are mostly lower this morning, after attempts to continue this week’s rally fell flat when trading got underway in Europe. End-of-the-money position squaring could be in play today after bullish reactions to USDA’s Jan. 12 reports kept markets in an uptrend. A steep decline in winter wheat ratings from Ohio to Colorado in January triggered heavy short covering in wheat Tuesday and hot, dry weather looks like it will persist in Argentina’s key growing region. U.S. stock index futures point to a rebound on Wall Street today after mixed trade overnight in Europe and Asia on the heels of this week’s losses.

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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.