Daily US grain report: biggest report of late-summer on deck

US grain futures prices were lower in overnight trading, on risk aversion in the marketplace to start the trading week and on non-threatening weather in the US Midwest.
calendar icon 12 August 2019
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Corn Belt weather this week sees temperatures rising a bit, but with scattered rainfall expected in the region. It's nearing mid-August now, and the window is closing on any heat/dry stress developing for the soybean crops. The next major weather threat would be an early frost in the Corn Belt.

Price downtrend in place and bears have chart advantage. Traders await Monday morning's USDA report. Expect active trading after it
Price downtrend in place and bears have chart advantage. Traders await Monday morning's USDA report. Expect active trading after it

© Jim Wyckoff

The USDA weekly crop progress report today sees traders looking at the US corn condition rating at 56 percent good to excellent versus 57 percent in the same category last week. The US soybean condition rating is forecast at 53 percent good to excellent versus 54 percent last week.

Bears have overall chart advantage amid price downtrend. Trading likely more active after late Monday morning's key USDA report
Bears have overall chart advantage amid price downtrend. Trading likely more active after late Monday morning's key USDA report

© Jim Wyckoff

Corn Belt weather this week sees temperatures rising a bit, but with scattered rainfall expected in the region. It's nearing mid-August now, and the window is closing on any heat/dry stress developing for the soybean crops. The next major weather threat would be an early frost in the Corn Belt.

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