Futures were digesting gains from yesterday’s rally during the overnight session, but the profit taking stopped on a dime when news broke that Ukraine was banning wheat exports effective Nov. 15. Though details of the policy were sketchy and the news wasn’t unexpected, wheat moved quickly to double digit gains, continuing this week’s rebound. Corn and soybeans followed along, with markets posting new highs for the week.
Click the audio link to hear more from Farm Futures Senior Editor Bryce Knorr.
Senior Editor 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.