The big rally in the grain market has come to a grind halt, at least for now. Thursday’s bearish reversals lower in corn, wheat and new crop soybeans was followed by heavy selling in old crop soybeans overnight. Estimate of damage from flooding in Argentina aren’t as extreme as some thought, with drier weather seen there over the next week as well. Expiration of May options could also be a factor in today’s trade.

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

Overnight trade is not friendly to soybeans on changing Argentine supply news.

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.