Grain futures are modestly lower this morning, with follow-through selling emerging overnight after Tuesday’s sharp break. Much of the negativity overcoming trade yesterday came from the oil patch and Wall Street, where fears of the rising petroleum surplus remain an anchor – if not a strait jacket. Crude oil is down more than $1 this morning ahead of the government inventory report at 9:30 CT, which will also show if ethanol plants cut production last week after stocks of the biofuel soared to record levels.
Senior Editor Bryce Knorr offers his insight into overnight trade, listen using the audio tool on this page.
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.