PLEASE NOTE: This answer is provided only as a student's reference. Following the principle of theoretical classical electromagnetism, solution might be much more complex and possibly exceed the ambitions of the question.
The answer can be found using Lorenz force
$$\vec{F} = q \vec{E} + q \vec{v} \times \vec{B}.$$
Of course, there are always "free" electrons within metal rod. However, if there is no bar movement and $v = 0$, there is also no magnetic force on electrons and there will be no induced emf.
If rod, however, moves within constant magnetic field, so do all the electrons within it, magnetic force push them in one direction, concentrating electrons on one side of the rod. This creates electric field within the rod and consequently measureable emf.
(Back to your question: If you connected an ideal voltmeter (with infinite resistance) across the ends of the rod, then you do create a loop. But let's suppose for the sake of argument that we have some kind of loopless voltmeter based on some entirely new principle.)