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Daily US grain report: traders recovering after shocking USDA reports, focus now on US weather

After a shocking data dump from the USDA and subsequent commitments to re-release the report, grain futures prices were mixed overnight.

1 July 2019, at 1:48pm

US grain futures prices were mixed overnight. Corn is fractionally up, soybeans up around 1 to 2 cents and wheat down around 3 cents. The US-China summit meeting between Presidents Trump and Xi over the weekend produced results that were about as expected, but still slightly friendly for the US grain markets and China apparently pledged to buy more US agricultural products in exchange for eased US sanctions.

Grain traders are still trying to digest the surprising USDA reports on Friday that showed a sharp drop in soybean acres and a rise in corn acres.

That data pushed corn prices sharply lower and soybean prices moderately higher. Wheat was pulled lower by the big drop in corn prices.

Weather in the midwest US now leans toward the bears, as drier and warmer conditions over the weekend and in the coming days will benefit the crops.

Historically, the first trading day for the grains after the US.

Independence Day, which comes this Friday, is extra important. Grain price trends can be reversed or existing trends accelerate during the critical early-July timeframe.

Grain traders will closely examine today's weekly USDA export inspections report.