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Daily US grain report: traders do not want to go home short

US grain futures prices were firmer again overnight, with corn up 3 to 5 cents, soybeans up around 3 cents and wheat 1 to 2 cents higher.

14 June 2019, at 4:30pm

US grain futures prices were firmer again overnight, with corn up 3 to 5 cents, soybeans up around 3 cents and wheat 1 to 2 cents higher. Grain traders do not want to go home short the futures on a Friday (14 June) afternoon during a serious weather market in the grains.

Weather forecasts for the US Midwest in the coming days call for wetter and cooler conditions, which is not beneficial for the newly planted corn and soybean crops, or for farmers who have yet to get their wet fields seeded.

Look for the big, speculative “fund” futures traders who had been short the grains to continue to unwind their losing bets, to push grain futures prices higher. Also, the funds are likely to be now adding new long positions in the grains as the chart postures for those markets now look more bullish.