Overnight Rally Attempt Stalls Out

Overnight Rally Attempt Stalls Out

Selling resumes in corn and wheat providing test of Tuesday's lows. (audio)

The soft tone in grain futures emerged again pretty quickly Tuesday night into Wednesday morning, when rally attempts mostly ran out of gas. Corn and wheat traded a little lower, fighting to hold yesterday's lows, while soybeans struggled to hold on to modest gains.

More rain is headed into the northwest Corn Belt later this week, which could compound flooding problems in Iowa and Minnesota. Rains also slowed harvest in Kansas and raised quality concerns for soft red winter wheat. But elsewhere crops look good, keeping buyers on the sidelines ahead of Monday's big stocks and acreage reports.

Selling resumes in corn and wheat providing test of Tuesday's lows.

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.

TAGS: USDA Wheat
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