You don’t need a weatherman to know which way the wind is blowing this morning in the Midwest – it’s hot and dry. But what happens next week and on into the end of July remains very uncertain, thanks to weather forecasting models that are notoriously erratic during the summer. Grain futures rallied Tuesday on deteriorating crop conditions and predictions for a wave of hot, dry conditions. Those models turned cooler and wetter overnight, triggering profit taking.
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.
WEATHER VOLATILITY: Conditions may be improving for pollination, then again maybe not. Model changes make traders nervous.
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