Wet weather is one reason the grain market is rebounding. It was a wet, cold week in a lot of places in the U.S. Corn may be advanced to 82% planted in this afternoon's crop progress report, with emergence at 52%.
The wet weather is also supporting wheat, which is getting rain in areas where not needed and in areas ready for harvest.
And soybeans may need to be replanted because of too much rain.
The dollar continues to weaken, which is putting strength into the commodities in general.
Third, crude oil is one of those commodities benefitting from a weaker dollar. At the OPEC meeting Thursday, OPEC nations are expected to continue production cuts into next year. Those cuts will be offset by drillers in the U.S. cranking up shale oil operations.
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.