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Daily US grain report: US grain futures steady-higher as bulls upbeat heading into new year

US grain futures prices were steady to higher overnight. Corn was near steady, soybeans up 5 to 6 cents and wheat around 3 cents higher.

30 December 2019, at 1:23pm

On this last full trading day of 2019, the big speculative “fund” traders that had been short the grain futures markets are continuing to cover those shorts as grain futures prices rise. More short covering is likely this week, as well as some new speculative long positions from traders.

Bulls have firm advantage as price uptrend line in place; path of least resistance is sideways-higher in near term
Bulls have firm advantage as price uptrend line in place; path of least resistance is sideways-higher in near term

© Jim Wyckoff

Today’s focus will be on the weekly USDA export inspections report. The US-China trade war has significantly thawed amid recent positive comments from officials on both sides.

The January monthly USDA supply and demand report is the next major data point for the grain markets, as estimates of the updated size of the US corn and soybean crops will be issued following a rocky harvest season that was plagued by inclement weather.

Bulls showing just enough power to suggest sideways-higher price action in January
Bulls showing just enough power to suggest sideways-higher price action in January

© Jim Wyckoff

Weather in South American corn and soybean regions remain non-threatening, but grain traders will continue to monitor mildly dry pockets that could become a bigger concern in January.

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