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Daily US grain report: grain futures prices mixed; big events approaching

US grain futures prices were mixed again in overnight trading. Corn was down around 3/4 cent, soybeans up 6 to 7 cents and wheat around 1 to 2 cents lower.

9 October 2019, at 2:16pm

Soybeans were boosted on reports China says it is still open to a trade deal despite the latest US sanctions imposed on that nation this week. Trade negotiations between the world's two largest economies are taking place in Washington, DC this week. Many market watchers are still very skeptical the two nations can reach a trade agreement anytime soon.

PRice uptrend in place to suggest sideways-to-higher price action in near term; bulls also have momentum
PRice uptrend in place to suggest sideways-to-higher price action in near term; bulls also have momentum

© Jim Wyckoff

Grain traders are also awaiting two other big events later this week: the USDA monthly supply and demand report out Thursday morning and a big snow storm and cold taking aim at the US northern Midwest and Plains states. On the USDA report, there is no solid consensus regarding what the agency will do regarding the size of the US corn and soybean crops, especially after USDA last week made surprising cuts to US corn and soybean stockpiles.

Bulls have firm near-term technical advantage as price uptrend in place; price action likely to remain sideways-higher in near term.
Bulls have firm near-term technical advantage as price uptrend in place; price action likely to remain sideways-higher in near term.

© Jim Wyckoff

The major snowstorm and cold weather forecast to hit the northern plains and northern Corn Belt late Thursday and into Saturday will end the growing season for crops in those regions. Corn and soybean harvest is already behind due to recent wet weather and the late planting in the springtime.

This is a bullish element for the grains that could become more significantly bullish in the coming several days.