ShapeShapeauthorShapechevroncrossShapeShapeShapeGrouphamburgerhomeGroupmagnifyShapeShapeShaperssShape
Sponsor message
Now new in the US - Dietary diformates Made in Germany Learn more

Daily US grain report: traders await weekly USDA export sales data Friday morning

US grain futures prices were mixed overnight. Corn was up down 3 cents, soybeans up 2 to 3 cents and wheat down 3 cents.

18 October 2019, at 2:15pm

The highlight of the day in the grain markets will be the weekly USDA export sales report, which was delayed by one day due to the US holiday on Monday.

Traders are looking for US corn sales of 400,000 to 800,000 metric tons (MT), soybeans sales of 900,000 to 1,600,000 MT, and wheat 250,000 to 550,000 MT. Traders will be examining that data for any stepped-up purchases from China.

Bulls working to keep price uptrend in place and have the chart advantage
Bulls working to keep price uptrend in place and have the chart advantage

© Jim Wyckoff

The charts for all three grains have turned bullish in recent weeks, which is inviting more speculative buying interest, including from the big "funds."

Also bullish for grains is the major winter storm that hit the northern US plains and Corn Belt last week, damaging crops in the field and further delaying an already slow corn and soybean harvesting pace.

Bulls have firm near-term technical advantge as price uptrend in place; price action likely to remain sideways-higher in near term
Bulls have firm near-term technical advantge as price uptrend in place; price action likely to remain sideways-higher in near term

© Jim Wyckoff

Soybean and corn traders are watching a persistent dry weather pattern developing in Brazil and Argentina crop-growing regions.

The slumping US dollar on the foreign exchange market this week is also bullish for US grains, as it makes them less expensive on world markets, where most grain is priced in US dollars. The US dollar index this week hit a six-week low.

Sponsored content
Our Formi products fulfil tomorrow’s requirements today.

Formi NDF and the 3rd Generation acidifier Formi 3G have been formulated to replace the need for in-feed antibiotics, by ensuring a strong antibacterial impact against Gram negative and Gram positive bacteria.

The Formi product line, based on Addcon’s patented diformate technology ensures optimal efficiency, highest growth rates and maximum safety, which are key requirements in animal production worldwide – and are now available in the USA.

Learn more