ShapeShapeauthorShapechevroncrossShapeShapeShapeGrouphamburgerhomeGroupmagnifyShapeShapeShaperssShape

Daily US grain report: markets pause; traders seeking new fundamental inputs

US grain futures prices were mixed in quieter overnight trading.

28 August 2019, at 4:52pm

There is no fresh fundamental news to drive the grain markets at midweek.

Cool weather in the Corn Belt at present reminds grain traders that an early frost would be especially damaging to the late-planted corn and soybean crops. Given the present tepid worldwide demand for US grains, it's likely going to take a hard frost to jumpstart any sustainable rally in the grains in the coming weeks, save for any unexpected US-China trade agreement, which is very unlikely this year.

Price downtrend still in place and bears have overall chart advantage
Price downtrend still in place and bears have overall chart advantage

© Jim Wyckoff

Generally slowing global economic growth is another underlying negative factor for the grain markets.

Bears have solid overall chart advantage amid price downtrend; this is the time of year when "harvest lows" can come early
Bears have solid overall chart advantage amid price downtrend; this is the time of year when "harvest lows" can come early

© Jim Wyckoff

Generally slowing global economic growth is another underlying negative factor for the grain markets.

The strong US dollar on the foreign exchange market is making US agricultural products more expensive to purchase on the world markets.