Daily US grain report: grain traders now discounting last week's key USDA acreage numbers

Daily US grain report: grain traders now discounting last week's key USDA acreage numbers
calendar icon 2 July 2019
clock icon 4 minute read

Corn and soybean futures to some slight support as Monday afternoon's weekly USDA crop progress reports showed crop conditions slightly below trader expectations.

Trading later this week could be extra important. Historically, the first trading day for the grains after the US Independence Day, which comes this Friday, is pivotal. Grain price trends can be reversed or existing trends accelerate during the critical early-July timeframe.

Bulls fade as chart damage inflicted - price uptrend negated. Bulls need to put in a good showing this week but have heavy lifting to do
Bulls fade as chart damage inflicted - price uptrend negated. Bulls need to put in a good showing this week but have heavy lifting to do

© Jim Wyckoff

The grain markets are also giving a not-so-positive read to last weekend's US-China summit meeting between Presidents Trump and Xi. While China has said it will buy more US ag products going forward, "the proof will be in the pudding."

Weather in the midwest US now favours the bears, as drier and warmer conditions last weekend and more of the same in the coming days will greatly benefit the US crops.

Bulls fading and prices uptrend in jeopardy. Bulls need to show more power this week to avoid serious technical damage
Bulls fading and prices uptrend in jeopardy. Bulls need to show more power this week to avoid serious technical damage

© Jim Wyckoff

Corn and soybean futures to some slight support as Monday afternoon's weekly USDA crop progress reports showed crop conditions slightly below trader expectations.

Trading later this week could be extra important. Historically, the first trading day for the grains after the US Independence Day, which comes this Friday, is pivotal. Grain price trends can be reversed or existing trends accelerate during the critical early-July timeframe.

The Poultry Site

© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.