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Daily US grain report: grains mixed ahead of major USDA data release

US grain futures prices were mixed overnight; corn down around one and a half cents, soybeans up around one to two cents and wheat down three to four cents.

28 June 2019, at 12:47pm

Friday is the day grain traders have been waiting on for weeks. Updated US acreage and quarterly grain stocks reports from the Agriculture Department will be released at midsession. Forecasts for US corn seedings are for around 86.5 million acres compared to 92.792 million acres in the March USDA forecast. Soybean plantings are forecast at around 84.5 million acres compared to 84.617 million acres in USDA’s March forecast. All wheat seedings are forecast around 45.5 million acres compared to 45.754 million acres in USDA’s March estimate. The keen uncertainty surrounding today’s USDA numbers - especially corn and soybean acreage - will likely make for highly volatile trading in the wake of the reports.

Trading today after the USDA data could help set the tone for the grain markets for much of the summer.

US Corn Belt weather has turned benign for corn and soybeans. Some drier and warmer conditions in the coming days will benefit the crops. Trading Monday morning will focus on the weekend US and Chinese presidents meeting to discuss trade.

Despite reports Chinese President Xi has laid out to the US his terms for settling the dispute, notions are still widely mixed on the outcome of that meeting, which could have major implications for grain prices Monday morning.

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