Daily US grain report: grain bulls work to stabilise bleeding markets

Bulls are trying to stabilise the bleeding from recent strong selling pressure that has driven the markets to multi-month lows.
calendar icon 6 August 2019
clock icon 4 minute read

Trading in the US grain futures markets is now likely to be choppy and sideways ahead of next Monday's key USDA monthly supply and demand report, which will include estimates of the size of the US crops and the updated US corn-soybean acreage mix that is so much in question at present.

Serious chart damage recently. But bulls work to stabilise the market. Trading likely to be sideways heading into next Monday's key USDA report
Serious chart damage recently. But bulls work to stabilise the market. Trading likely to be sideways heading into next Monday's key USDA report

© Jim Wyckoff

Weather in the US Corn Belt remains mostly non-threatening to the US corn and soybean crops, albeit a bit dry in some areas.

Technically, serious chart damage has been inflicted on the grains the past two weeks. This has prompted the technical-based bears and the big speculative "fund" traders to jump on the short side of the US grain futures markets.

Serious near-term chart damage recently. Bulls work to stabilise market. Price action likely sideways heading into next Monday's key USDA report
Serious near-term chart damage recently. Bulls work to stabilise market. Price action likely sideways heading into next Monday's key USDA report

© Jim Wyckoff

Trading in the US grain futures markets is now likely to be choppy and sideways ahead of next Monday's key USDA monthly supply and demand report, which will include estimates of the size of the US crops and the updated US corn-soybean acreage mix that is so much in question at present.

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