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Daily US grain report: market bulls remain in command ahead of major USDA reports

US grain futures prices were higher overnight, with corn around 5 cents higher, soybeans up around 6 cents and wheat 4 to 5 cents higher.

25 June 2019, at 2:51pm

USDA crop progress reports out Monday (24 June) afternoon showed US corn planting at 98 percent complete versus 92 percent last week and 100 percent last year. The corn condition rating was at 57 percent good to excellent versus 59 percent last week. Soybean planting was pegged at 85 percent as of Sunday, which was less than expected and compares to 77 percent planted last week and 100 percent last year at this time.

The grain markets are likely to be quieter until late this week. Friday sees the updated US acreage and quarterly grain stocks report from the Agriculture Department. Friday’s acreage report will be one of the most important grain market reports of the year, due to the uncertainty surrounding it. Grain traders are keenly uncertain on corn and soybean planted acres numbers.

US Corn Belt weather still slightly favours the bulls. Rainy and stormy conditions are forecast for the US Midwest much of this week, but a drier pattern for the weekend. However, now the corn and soybeans that have not been planted very likely will not be even if conditions do dry out in the Midwest.

Bulls have firm near-term technical advantage amid price uptrend. Bull flag pattern forms now
Bulls have firm near-term technical advantage amid price uptrend. Bull flag pattern forms now

Also late this week - possibly Saturday - the US and Chinese presidents meet to discuss trade. Ideas are widely mixed on the outcome of that meeting, which could have major implications for grain prices.

Technically, the charts are still near-term bullish for the grain futures, as price uptrends are firmly in place on the daily bar charts for corn, soybeans and wheat.

Bulls have firm near-term technical advantage. Uptrend in place. More upside likely in near term
Bulls have firm near-term technical advantage. Uptrend in place. More upside likely in near term