Daily US grain report: bullish charts propelling US grain futures markets

US grain futures posted good gains overnight. Corn was up around 3 cents, soybeans up around 7 cents and wheat about 5 cents higher.
calendar icon 17 October 2019
clock icon 7 minute read

The slumping US dollar on the foreign exchange market this week is also bullish for US grains, as it makes them less expensive on world markets, where most grain is priced in US dollars.

Bulls working to keep price uptrend in place, and have the chart advantage
Bulls working to keep price uptrend in place, and have the chart advantage

© Jim Wyckoff

Bulls working to keep price uptrend in place, and have the chart advantage
Bulls working to keep price uptrend in place, and have the chart advantage

© Jim Wyckoff

Also bullish for grains is the major winter storm that hit the northern US plains and Corn Belt last week, damaging crops in the field and further delaying an already slow corn and soybean harvesting pace. The USDA said it will assess the damage from the storm in its November monthly report.

Bulls have firm near-term technical advantage as price uptrend in place; price action likely to remain sideways-higher in near term
Bulls have firm near-term technical advantage as price uptrend in place; price action likely to remain sideways-higher in near term

© Jim Wyckoff

Bulls have firm near-term technical advantage as price uptrend in place; price action likely to remain sideways-higher in near term
Bulls have firm near-term technical advantage as price uptrend in place; price action likely to remain sideways-higher in near term

© Jim Wyckoff

The slumping US dollar on the foreign exchange market this week is also bullish for US grains, as it makes them less expensive on world markets, where most grain is priced in US dollars.

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