Daily US grain report: slumping greenback a positive for grain markets heading into 2020

US grain futures prices were narrowly mixed overnight and trading around 1 cent on either side of unchanged in pre-holiday trading.
calendar icon 31 December 2019
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The January 10th monthly USDA supply and demand report is the next major data point for the grain markets, as estimates of the updated size of the US corn and soybean crops will be issued following a rocky harvest season that was plagued by inclement weather.

Weather in South American corn and soybean regions remains mostly non-threatening, but grain traders will continue to monitor mildly dry pockets that could become a bigger concern in January.

Bulls showing just enough power to suggest sideways-to-higher price action in Januaray
Bulls showing just enough power to suggest sideways-to-higher price action in Januaray

© Jim Wyckoff

Bulls showing just enough power to suggest sideways-to-higher price action in Januaray
Bulls showing just enough power to suggest sideways-to-higher price action in Januaray

© Jim Wyckoff

The US-China trade war has significantly thawed amid recent positive comments from officials on both sides, and that’s also supportive for grain markets as the year winds down. A partial trade agreement is expected to be signed in January.

Bulls have firm advantage as price uptrend in place; path of least resistance is sideways-higher in near term
Bulls have firm advantage as price uptrend in place; path of least resistance is sideways-higher in near term

© Jim Wyckoff

Bulls have firm advantage as price uptrend in place; path of least resistance is sideways-higher in near term
Bulls have firm advantage as price uptrend in place; path of least resistance is sideways-higher in near term

© Jim Wyckoff

The January 10th monthly USDA supply and demand report is the next major data point for the grain markets, as estimates of the updated size of the US corn and soybean crops will be issued following a rocky harvest season that was plagued by inclement weather.

Weather in South American corn and soybean regions remains mostly non-threatening, but grain traders will continue to monitor mildly dry pockets that could become a bigger concern in January.

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