Chicago markets hoist prices higher

Chicago markets hoist prices higher

Wet conditions finally attract traders' attention after crop ratings suffer

While many in Chicago may be sleeping in this morning, electronic markets kept trading going overnight, with grain futures posting modest gains across the board. Monday’s Crop Progress report revealed signs of damage from heavy rains and more precipitation is headed up the Delta and Mississippi River thanks to Tropical Storm Bill. Still, most of the gains appear to be short covering and bargain hunting, with no signs of end user panic as outside markets stay nervous over the Greek debt crisis and the two-day meeting on monetary policy that kicks off today at the Federal Reserve.

Overnight market gives prices slight lift - but traders have eyes on other markets that could impact prices.

Knorr discusses overnight market moves with Pam Jahnke, Wisconsin Farm Report, 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.

Pam Jahnke is Farm Director of the Wisconsin Farm Report that is carried on 16 stations in Wisconsin.  Known as the "Fabulous Farm Babe" Pam studied broadcast journalism and broad area agriculture at the University of Wisconsin - River Falls. After college, Pam moved into her chosen field, doing farm broadcasting, radio and television, from Green Bay to Eau Claire, WI - and she's never looked back.  Pam often says she feels like farm broadcasting and communicating on behalf of food producers is exactly what she was made for. Pam has been named "Friend of Agriculture" by the Wisconsin Department of Agriculture for her assistance in raising awareness of the "Harvest of Hope" program. She has also served as president of the National Association of Farm Broadcasting.

TAGS: USDA
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