Grain futures are little changed in overnight trade, holding on to profits from Tuesday’s rally. While short covering continues to boost corn and wheat ahead of Thursday’s USDA reports, soybeans got a lift with other popular risk trades after Federal Reserve Chair Janet Yellen said the central bank would take a measured approach to raising interest rates this year, keeping plenty of cheap money flowing into world markets.

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

Overnight trade light as USDA reports loom. Outside markets also have an impact.

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.