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Daily US grain report: huge trading week ahead

24 June 2019, at 2:40pm

US grain futures prices were higher overnight, with corn around 4 cent higher, soybeans up around 6 cents and wheat 2 to 5 cents higher.

It’s going to be a very big trading week in the grains, starting with Monday afternoon’s weekly crop progress reports and ending Friday with the updated US acreage and quarterly grain stocks report from the Agriculture Department.

Friday’s acreage report will be one of the most important grain market reports of the year, due to the uncertainty surrounding it. Grain traders do not have any consensus on corn and soybean planted acres numbers.

Bulls have firm near-term technical advantage. Uptrend in place
Bulls have firm near-term technical advantage. Uptrend in place

© Jim Wyckoff

US Corn Belt weather still slightly favours the bulls. Rainy and stormy conditions are forecast for the US Midwest much of this week. However, now the corn and soybeans that have not been planted very likely will not be even if conditions do dry out in the Midwest.

Bulls have firm near-term technical advantage amid price uptrend
Bulls have firm near-term technical advantage amid price uptrend

© Jim Wyckoff

Also late this week the US and Chinese presidents meet to discuss trade. Ideas are also widely mixed on the outcome of that meeting, whose outcome could have major implications for grain prices.