Grain Market Firms After Bruising Week

Grain Market Firms After Bruising Week

Concerns over wheat quality in Europe trigger short covering overnight. (Audio)

Grain futures are higher across the board, with the market getting a lift on the open in Europe, where traders are concerned about the quality of the wheat crop in France after persistent rains during harvest. U.S. crops remain in good, if not great, shape, though the latest satellite maps do show problems in areas hard hit by flooding. USDA is expected to increase its forecast for corn and soybean supplies in Friday’s monthly crop report, which is also triggering some short-covering this morning.

Knorr discusses overnight market moves with Jesse Harding, Wisconsin Farm Report, and you can listen using the audio tool on this page (just scroll down).

Concerns over wheat quality in Europe trigger short covering overnight.

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.

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TAGS: USDA
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