Grain futures are mixed this morning after an early rally attempt in corn and soybeans fizzled. Uncertainty about results of Thursday’s grain stocks and acreage updates from USDA could keep some traders on the sidelines, especially with weather forecasts lacking any serious weather threat into the middle of July. The biggest weather issue may be too much rain for the hard red winter wheat crop. Storms are beginning a journey through western Kansas this morning that could linger, dumping five inches of rain or more on some fields of the next week. Outside markets continued their rebound overnight, pointing to more gains on Wall Street this morning.

Rally attempt in corn, soybeans fizzles overnight - uncertainty about Thursday USDA report may have some traders sitting out.

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

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.