Daily US grain report: markets trying to recover from Trump's latest threat to China

US grain futures prices were higher in overnight trading, on corrective bounces from this week's strong selling pressure.
calendar icon 2 August 2019
clock icon 4 minute read

Technically, this week key near-term technical price levels were breached on the downside in corn, soybeans and wheat. This has prompted the technical-based bears and the big speculative "fund" traders to establish new short positions in the US grain futures markets.

Serious chart damage this week suggests still more price pressure in near term
Serious chart damage this week suggests still more price pressure in near term

© Jim Wyckoff

Thursday morning's weekly USDA export sales report reminded traders of tepid worldwide demand for US grains. The recent appreciation in the US dollar is further dampening hopes US grains can become more competitive on the world export market.

Serious near-term chart damage this week suggests more price pressure in near term
Serious near-term chart damage this week suggests more price pressure in near term

© Jim Wyckoff

Technically, this week key near-term technical price levels were breached on the downside in corn, soybeans and wheat. This has prompted the technical-based bears and the big speculative "fund" traders to establish new short positions in the US grain futures markets.

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