The Federal Reserve didn’t raise interest rates Wednesday when its two-day meeting on monetary policy wrapped up. But the central bank sent clear signals it would move to tighten credit in the year ahead. In addition to raising short-term lending rates a full percentage point, the Fed took steps that could raise longer term rates as well. Farmers should get ready to pay more for operating, machinery and real estate loans.

Senior Editor Bryce Knorr offers his insight into overnight trade, listen using the audio tool on this page.

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.