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Daily US grain report: markets quieter at mid-week, awaiting key report Thursday

US grain futures prices were slightly down in overnight trading.

11 September 2019, at 1:45pm

Corn was down around 1 cent, soybeans down about 2 cents and wheat off around 3 cents.

Selling interest has been somewhat squelched at mid-week as traders are encouraged by positive US-China trade developments this week. There were upbeat comments coming from US Treasury Secretary Mnuchin on Monday and Tuesday. And today China said it would hold off for one year putting tariffs on some US products. Reports from China also said the nation wants to buy more US agricultural products.

Bears have solid chart advantage amid price downtrend; still no early clues market bottom close at hand
Bears have solid chart advantage amid price downtrend; still no early clues market bottom close at hand

© Jim Wyckoff

The data point of the week for the US grain markets is Thursday's monthly USDA supply and demand report, including new government estimates of the size of the US crops. Look for quieter trading today, heading into that report.

Price downtrend still in place but more gains in the near term would negate it to suggest a market bottom in place
Price downtrend still in place but more gains in the near term would negate it to suggest a market bottom in place

© Jim Wyckoff

Weather in the US Midwest remains warm, rainy and non-threatening, including no signs of an early hard frost that would kill the still-maturing corn and soybean crops.