Quiet Trade Waits for USDA News

Quiet Trade Waits for USDA News

Light selling seen overnight in very low volume trade. (Audio)

Futures mostly drifted lower across the board this morning, with only the May soybean contract managing to hold its head above water. While traders wait for farmers to start planting corn, they’re also waiting on USDA, following delay of the first Crop Progress report of the season. Wednesday’s features another monthly production, supply and demand update as well, which could limit desire to jump back into the market until the numbers are out.

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

WAITING: No crop progress report, waiting on USDA report and even hoping planter roll soon, traders are playing a waiting game - and prices drifted lower.

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: USDA
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