Futures digest Tuesday's huge rally

Futures digest Tuesday's huge rally

Corn and soybeans move off overnight lows, wheat lags. (Audio)

Grain futures are mostly steady to lower this morning, consolidating Tuesday’s impressive gains. Corn and soybeans got bullish news yesterday from the USDA reports and are holding on to most of their rally. The news for wheat was bearish, causing more profit taking from yesterday’s sympathetic buying. Outside markets appear to be coming out of their bunker on improved hopes for a deal over Greek’s debt mess, but the dollar is stronger, remaining both a bellwether and a safe haven ahead of a holiday weekend.

You can listen to Bryce's comments using the audio player below.

Wheat hit by profit-takers after soft news from USDA report, corn and soybeans hold onto gains in overnight trade.

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.

Thriving during the Economic Downturn won't be easy but Mike Boehlje, Purdue University ag economist, and Farm Futures Summit speaker shares his thoughts in a new webinar. Watch the playback of Managing Your Farm Business in an Economic Downturn.

TAGS: USDA
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