New crop corn and soybean contracts moved to new rally highs overnight, with buying starting build as forecasts for next week turn warmer and drier for the Midwest. Outside markets are also lending support. Crude oil traded above $51 ahead of today’s inventory data, while the dollar weakened. China continues to import more soybeans than USDA forecasts, but those deals are coming from South America, not the U.S.

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

New crop corn and soybean contracts moved to new rally highs overnight.

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.