July started with a whimper in the grain market but that bearish tone is starting to shift, thanks to forecasts for warmer and drier weather towards the end of the month. That outlook spurred buying Friday, with the rally continuing on the get-go Sunday night, helping create a potential island bottom on the December corn chart. Financial markets are also posting gains on the heels of a strong jobs report for June, though crude oil is not joining that party as traders worry about more rigs coming back into production in the U.S.
Senior Editor Bryce Knorr offers his insight into overnight trade, listen using the audio tool on this page.
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.