Daily US grain report: markets remain in pause mode ahead of major USDA report Friday

US grain futures prices were slightly up overnight, with corn, soybeans and wheat all posting gains of around 1 cent.
calendar icon 6 November 2019
clock icon 7 minute read

Limiting buying interest in grain futures is normal commercial seasonal hedge pressure in the corn and soybean futures markets amid the US harvest that has moved well past the half-way point this week.

Bulls have near-term technical advantage as trading turns choppy ahead of Friday's USDA report
Bulls have near-term technical advantage as trading turns choppy ahead of Friday's USDA report

© Jim Wyckoff

Bulls have near-term technical advantage as trading turns choppy ahead of Friday's USDA report
Bulls have near-term technical advantage as trading turns choppy ahead of Friday's USDA report

© Jim Wyckoff

Limiting selling interest in grain futures at mid-week are ideas the US and China are moving closer to a trade deal that would include significantly more Chinese purchases of US agricultural products. President Trump this week said a trade deal could be signed in Iowa, right in the middle of the Corn Belt.

Look for choppy and sideways trading up until the monthly USDA report on 8th November; fledgling downtrend line is now in place
Look for choppy and sideways trading up until the monthly USDA report on 8th November; fledgling downtrend line is now in place

© Jim Wyckoff

Look for choppy and sideways trading up until the monthly USDA report on 8th November; fledgling downtrend line is now in place
Look for choppy and sideways trading up until the monthly USDA report on 8th November; fledgling downtrend line is now in place

© Jim Wyckoff

Limiting buying interest in grain futures is normal commercial seasonal hedge pressure in the corn and soybean futures markets amid the US harvest that has moved well past the half-way point this week.

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