Daily US grain report: prices pressured on reports of US-China trade setback

US grain futures prices were weaker overnight. Corn was down 3 to 4 cents, soybeans down 1 to 2 cents and wheat down 3 to 4 cents.
calendar icon 31 October 2019
clock icon 7 minute read

Traders will be closely watching Thursday morning's USDA weekly export sales report for any big purchases from China, which President Trump says are coming but have yet to surface.

The November 8 USDA monthly supply and demand (WASDE) report is on the horizon, and will be the major data point for the grain markets for the month of November. Most look for the government to reduce the overall size of the US corn and soybean harvest due to the less-than-ideal fall weather.

Bulls stabilise market this week. Look for more choppy and sideways trading all the way up until the monthly USDA report on 8 November
Bulls stabilise market this week. Look for more choppy and sideways trading all the way up until the monthly USDA report on 8 November

© Jim Wyckoff

Bulls stabilise market this week. Look for more choppy and sideways trading all the way up until the monthly USDA report on 8 November
Bulls stabilise market this week. Look for more choppy and sideways trading all the way up until the monthly USDA report on 8 November

© Jim Wyckoff

Limiting losses in the US grain futures markets is continued slow corn and soybean harvest progress. More rain, snow and cold weather is hitting the US Midwest late this week, followed by cold weather for at least the next week.

Bulls fading as price uptrend line negated to suggest a market top is in place
Bulls fading as price uptrend line negated to suggest a market top is in place

© Jim Wyckoff

Bulls fading as price uptrend line negated to suggest a market top is in place
Bulls fading as price uptrend line negated to suggest a market top is in place

© Jim Wyckoff

Traders will be closely watching Thursday morning's USDA weekly export sales report for any big purchases from China, which President Trump says are coming but have yet to surface.

The November 8 USDA monthly supply and demand (WASDE) report is on the horizon, and will be the major data point for the grain markets for the month of November. Most look for the government to reduce the overall size of the US corn and soybean harvest due to the less-than-ideal fall weather.

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