USDA forecast record corn and soybean production in its Aug. 12 crop reports, but futures put in a classic bearish report, bullish reaction, bouncing back from spike lows. That momentum carried through to overnight trading, led by double digit gains in soybeans. Strong demand from China, along with concerns over flooding helped keep rally hopes alive as funds turned more bullish on commodities last week.

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Overnight trade likes soybeans with China demand and flood worries leading the way.

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 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. And you can follow Farm Futures throughout the day on Twitter at www.twitter.com/farmfutures.