Daily US grain report: USDA data to produce more active trading in US grain futures Friday

US grain futures were mixed and near steady overnight.
calendar icon 10 January 2020
clock icon 7 minute read

US soybean harvested acres are forecast at 75.6 million, with a soybean yield of 46.5 bushels an acre. US soybean production is estimated at 3.5 billion bushels. Average US ending stocks are estimated at 1.776 billion bushels of corn, 431 million bushels of soybeans and 970 million bushels for wheat. Look for the most active trading of the week, and quite possibly some time, following the release of the USDA report. Most grain traders reckon the report will favor the bulls.

Bulls have advantage as price uptrend line in place; Friday morning's USDA report to likely produce bigger price move
Bulls have advantage as price uptrend line in place; Friday morning's USDA report to likely produce bigger price move

© Jim Wyckoff

Bulls have advantage as price uptrend line in place; Friday morning's USDA report to likely produce bigger price move
Bulls have advantage as price uptrend line in place; Friday morning's USDA report to likely produce bigger price move

© Jim Wyckoff

A winter storm on the US east coast delayed the weekly USDA export sales report until Friday. Traders are also awaiting Friday’s USDA's supply and demand report. Forecasts for corn harvested acres averaged 81.3 million acres, with a US corn yield at 166 bushels per acre. US corn production is estimated at 13.5 billion bushels.

Friday morning's USDA report will produce bigger price move; boars have overall near-term chart advantage
Friday morning's USDA report will produce bigger price move; boars have overall near-term chart advantage

© Jim Wyckoff

Friday morning's USDA report will produce bigger price move; boars have overall near-term chart advantage
Friday morning's USDA report will produce bigger price move; boars have overall near-term chart advantage

© Jim Wyckoff

US soybean harvested acres are forecast at 75.6 million, with a soybean yield of 46.5 bushels an acre. US soybean production is estimated at 3.5 billion bushels. Average US ending stocks are estimated at 1.776 billion bushels of corn, 431 million bushels of soybeans and 970 million bushels for wheat. Look for the most active trading of the week, and quite possibly some time, following the release of the USDA report. Most grain traders reckon the report will favor the bulls.

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