While other markets sputtered overnight, the rally in grain futures kept going. Some of the gains came from funds covering massive bearish bets but open interest isn’t down much, suggesting end users may also be booking needs after the recent plunge to very oversold conditions. This week’s brief window for planting may close by the weekend, putting up to a billion bushels of corn production potential at risk.
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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.