Daily US grain report: grain bulls dented by downbeat US-China trade prospects, bearish charts

US grain futures prices were mixed to firmer overnight, with corn up around 1 cent, soybeans down around 1 cent and wheat around 1 to 2 cents higher.
calendar icon 14 November 2019
clock icon 7 minute read

On the positive side is the Midwest US weather, which remains cold and snowy. That is further delaying harvesting of corn and soybeans still in the fields and could cause quality problems for those crops.

The weekly USDA export sales report, normally out on Thursday, will be out Friday due to the US holiday on Monday.

Bulls lose overall near-term technical advantage as price downtrend in place
Bulls lose overall near-term technical advantage as price downtrend in place

© Jim Wyckoff

Bulls lose overall near-term technical advantage as price downtrend in place
Bulls lose overall near-term technical advantage as price downtrend in place

© Jim Wyckoff

Also, the near-term technical chart postures for all three grain markets have deteriorated the past few weeks, which is prompting some fresh selling interest from speculators, including the big "funds."

Price downtrend still in place but bulls work to stabilise prices this week; still, path of least resistance is sideways to lower in near term
Price downtrend still in place but bulls work to stabilise prices this week; still, path of least resistance is sideways to lower in near term

© Jim Wyckoff

Price downtrend still in place but bulls work to stabilise prices this week; still, path of least resistance is sideways to lower in near term
Price downtrend still in place but bulls work to stabilise prices this week; still, path of least resistance is sideways to lower in near term

© Jim Wyckoff

On the positive side is the Midwest US weather, which remains cold and snowy. That is further delaying harvesting of corn and soybeans still in the fields and could cause quality problems for those crops.

The weekly USDA export sales report, normally out on Thursday, will be out Friday due to the US holiday on Monday.

© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.