Choppy markets await USDA reports

Choppy markets await USDA reports

Improving crop rating and rain on the radar offset by dry forecast. (Audio)

Markets are choppy this morning, hardly unusual before a monthly USDA supply and demand report due out at 11 a.m. CDT. But traders as also conflicted about where yield potential is headed. Crop ratings for corn and soybeans out Monday afternoon showed gains, and storms should provide additional moisture over the next week. Forecasts for the end of July are warmer and drier, however, keeping bears from becoming too aggressive, especially with U.S. stocks rallying to an all-time high as Brexit fears ease.

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

Overnight trade, in a word? Choppy with USDA report coming out, and traders watching weather maps.

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.

TAGS: USDA
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