Some traders are still scratching their heads about what caused Thursday’s big rally. Concerns about damage to the hard red winter wheat crop helped ignite buying, which also appeared driven by concerns over potential for a squeeze in May soybeans due to tight near-term availability of supplies. May options stop trading on the close today, with futures facing first notice day on Tuesday.

Farm Futures Senior Editor Bryce Knorr offers an early look at overnight trade. You can listen to his commentary  by clicking on the audio link on this page.

RALLY, THEN RETREAT: Market baffled by run-up Thursday, backs off in overnight trade.

And be sure to check http://www.FarmFutures.com after 11 when we start posting information from the USDA report. We'll provide updates as we parse through the information. And you'll get more analysis in the afternoon edition of Farm Futures Daily - our twice-daily e-newsletter. If you want to see it, sign up here.

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.

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