Grain futures are modestly lower across the board this morning, with attempts to build on Tuesday's rally quickly falling flat early in the overnight session. Lack of a new weather threat to crops both in the U.S. and around the world revealed yesterday's rally to be merely short covering, giving bears permission to begin selling again. Outside markets are calmer after a rally in Chinese stocks, while Wall Street waits for the latest statement on monetary policy from the Federal Reserve today.
Listen to the report using the audio link on this page.
Bryce Knorr, Senior Market Analyst, Farm Futures, first joined Farm Progress Cos. in 1987. In addition to analyzing and writing about the commodity markets, he is a former future 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 Market Review on FarmFutures.com, he writes weekly reviews for key commodities and crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.