Daily US grain report: grains mixed early Tuesday as traders gearing up for big report Friday

US grain futures prices were mixed to firmer overnight. Corn was up around 1 cent, soybeans down around 1 cent and wheat up 2 to 4 cents.
calendar icon 5 November 2019
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However, limiting buying interest in futures is commercial seasonal hedge pressure in the corn and soybean futures markets amid the US. harvest.

The USDA weekly crop progress report out Monday afternoon showed US corn harvest at 52 percent complete versus 54 percent expected. US soybean harvest was at 75 percent complete, which was in line with expectations. US winter wheat planting was at 89 percent complete versus 91 percent expected.

Look for more choppy and sideways trading up until the monthly USDA report on 8th November; bulls and bears on level near-term playing field at present
Look for more choppy and sideways trading up until the monthly USDA report on 8th November; bulls and bears on level near-term playing field at present

© Jim Wyckoff

Look for more choppy and sideways trading up until the monthly USDA report on 8th November; bulls and bears on level near-term playing field at present
Look for more choppy and sideways trading up until the monthly USDA report on 8th November; bulls and bears on level near-term playing field at present

© Jim Wyckoff

Limiting selling interest in grain futures this week are notions the US.

and China are moving closer to a trade deal that would include significantly more Chinese purchases of US. agricultural products.

Bulls have near-term technical advantage; look for quieter trading ahead of Friday's USDA report
Bulls have near-term technical advantage; look for quieter trading ahead of Friday's USDA report

© Jim Wyckoff

Bulls have near-term technical advantage; look for quieter trading ahead of Friday's USDA report
Bulls have near-term technical advantage; look for quieter trading ahead of Friday's USDA report

© Jim Wyckoff

However, limiting buying interest in futures is commercial seasonal hedge pressure in the corn and soybean futures markets amid the US. harvest.

The USDA weekly crop progress report out Monday afternoon showed US corn harvest at 52 percent complete versus 54 percent expected. US soybean harvest was at 75 percent complete, which was in line with expectations. US winter wheat planting was at 89 percent complete versus 91 percent expected.

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