Profit Taking Dents Grain Futures Rally

Profit Taking Dents Grain Futures Rally

Market pulls back overnight on chart-based selling and milder forecast. (Audio)

Grain futures are trading lower across the board this morning, after an attempt at follow-through buying overnight ran out of gas. Profit taking set in, with milder weather forecasts showing better chances for rain by the end of next week. Traders are still trying to figure out just what USDA’s certified acreage data means from the FSA, but early indications suggest harvested corn acres could be close to the 86.4 million found in Farm Futures recent survey, 2.7 million less than USDA’s current forecast.

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

PLAYING THE WEATHER: Profit-taking and milder weather clips rally.

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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TAGS: Soybean
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