Outside markets are steady to higher this morning but most of the grain market is having none of that good cheer. Futures are seeing some follow-through selling on the heels of Thursday’s bearish USDA reports that are breaking some key support levels followed by traders on price charts. Forecasts for huge South American corn and soybean crops have the grain market back on its heels. Wall Street is in a more bullish mode as investors expect a friendly jobs report this morning out of the U.S. Labor Department. Crude oil is also trying to firm after breaking below $50 this week.

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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.