Crude oil shot $3.50 a barrel higher today, with apparent agreement among OPEC countries to cut production. While the prospect supported by U.S. stock indexes and the dollar, the impact was muted in the grain market. Soybeans started weakening soon after the morning open, with another day of profit taking starting to take hold at mid-morning. USDA released its latest forecast of net farm income, showing even less profits in agriculture for 2016 that previous estimates.

Listen to the report using the audio link on this page.

Soybeans started weakening soon after the morning open, with another day of profit taking starting to take hold at mid-morning. (Photo: maciek905/Thinkstock)

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.

For more corn, wheat and soy news, commodity marketing recommendations and daily commodity charts, subscribe to Farm Futures' free e-newsletter, Farm Futures Daily, and keep up during the day with Farm Futures on Twitter.