Traders expected USDA to sharply lower its estimate of 2012 corn and soybean production today, and that's just what the agency did. The result means price rationing to keep supplies low, a process that is already playing out. Senior Editor Bryce Knorr breaks down the numbers, and the market's reaction to them today. Arlan Suderman is on assignment.
Watch the conversation using the video link below.
Bryce Knorr, Senior Editor, Farm Futures, first joined Farm Progress Cos. in 1987. In addition to analyzing and writing about the commodity markets, he is a former future 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 Market Review on FarmFutures.com, he writes weekly reviews for key commodities and crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.