Monday’s rally proved to be short-lived, with grain futures giving back gains overnight. Ratings for both corn and soybeans showed a little improvement in Monday’s Crop Progress report, keeping yield potential strong. Forecasts for next week also shifted cooler and perhaps wetter following this week’s blistering heat wave. Outside markets are also mostly in retreat, digesting the move to record stock prices on Wall Street.

Knorr shares market insights from overnight trade and you can listen using the audio tool on this page (just scroll down).

Overnight trade slumps on talk of wetter weather ahead - after the heat of course.

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.