Daily US grain report: market traders finally get some bullish news

Corn was down around 2 cents, soybeans near steady and wheat around 3 to 5 cents lower.
calendar icon 1 October 2019
clock icon 7 minute read

Weather in the US midwest will be very wet in the coming days, which will delay corn and soybean harvesting, and possibly quality of the crop. A major snowstorm in parts of US and Canadian spring wheat country occurred over the weekend. Those are also underlying bullish elements for the grains.

The very strong US dollar on the foreign exchange market (the US dollar index hit a new high for the year today) is an underlying negative for the US grains, making them more expensive on the world market.

Big and bullish upside price "breakout" from congestion area on Monday gives bulls power to suggest more upside in the near term
Big and bullish upside price "breakout" from congestion area on Monday gives bulls power to suggest more upside in the near term

© Jim Wyckoff

Big and bullish upside price "breakout" from congestion area on Monday gives bulls power to suggest more upside in the near term
Big and bullish upside price "breakout" from congestion area on Monday gives bulls power to suggest more upside in the near term

© Jim Wyckoff

USDA weekly crop progress data out Monday afternoon showed the US corn condition rating at 57 percent good to excellent, which was expected. US corn harvest was 11 percent complete versus 14 percent expected. Soybean condition rating was 55 percent good to excellent, which was just above market expectations. US soybean harvest was 7 percent complete versus 6 percent expected. Winter wheat plantings were at 39 percent complete versus 36 percent expected.

Bulls gain near-term technical advantage as price uptrend has been restarted
Bulls gain near-term technical advantage as price uptrend has been restarted

© Jim Wyckoff

Bulls gain near-term technical advantage as price uptrend has been restarted
Bulls gain near-term technical advantage as price uptrend has been restarted

© Jim Wyckoff

Weather in the US midwest will be very wet in the coming days, which will delay corn and soybean harvesting, and possibly quality of the crop. A major snowstorm in parts of US and Canadian spring wheat country occurred over the weekend. Those are also underlying bullish elements for the grains.

The very strong US dollar on the foreign exchange market (the US dollar index hit a new high for the year today) is an underlying negative for the US grains, making them more expensive on the world market.

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