Daily US grain report: markets on hold awaiting big USDA report
US grain futures prices were steady to weaker in overnight trading. Corn was down around 1/2 cent, soybeans down 1 to 2 cents and wheat down 2 to 4 cents.
9 September 2019
4 minute read
By: The data point of the day for the grain markets is the weekly USDA export inspections report. The big report of the week will be Thursday's monthly USDA supply and demand report, including new government estimates of the size of the US crops.
© Jim Wyckoff
At present, grain market fundamentals remain firmly bearish. Weather in the US Midwest remains non-problematic, but there is talk of frost in the northern Midwest late this week or early next. As that timeframe gets closer the grain markets may show more of a reaction if a hard frost is expected in the region.
© Jim Wyckoff
The latest government reports show the big speculative "funds" are still significantly net short the grain markets.
In the coming few weeks, it appears that the only thing that will awake the grain market bulls would be a hard frost in the US Midwest to kill the corn and soybean crops, or some surprise, positive news on the US-China trade war front.
