Good conditions send wheat lower

Good conditions send wheat lower

Soft wheat crops improve over winter with more moisture headed to the Plains. (audio)

USDA’s first Crop Progress report of the season was delayed until Tuesday, but still had plenty of impact on the market. Wheat futures sold off after the government said conditions improved significantly over the winter in the Pacific Northwest and eastern Midwest, where farmers grow soft wheat. While ratings eased a little across much of the Plains, more moisture is also headed to hard red winter wheat fields as a winter storm bears down on the upper Great Lakes today.

Senior Editor Bryce Knorr offers his insight into overnight trade, listen using the audio tool on this page.

USDA's first Crop Progress report of the season had plenty of impact on the market. (Photo:whyframestudio/Thinkstock)

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.

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