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Daily US grain report: look for quieter, pre-holiday trading

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

27 November 2019, at 1:03pm

Grain trader attitudes remain upbeat at mid-week, following reports this week that the US and China are moving ever closer to a partial trade deal.

Price downtrend in place and bears have firm advantage. Bulls just working to stabilise market
Price downtrend in place and bears have firm advantage. Bulls just working to stabilise market

It will likely be a quieter trading session in grain futures Wednesday, ahead of the US Thanksgiving holiday on Thursday.

Bears have firm overall near-term technical advantage as price downtrend in place
Bears have firm overall near-term technical advantage as price downtrend in place

Weather in the US Corn Belt leans a bit bullish as two major winter storms and highs winds are bearing down on the region, slowing harvest of what little crops are left in the fields. Trader focus is turning to South American corn and soybean weather in corn and soybean regions.

The near-term technical chart postures for corn and beans remains firmly bearish amid near-term price downtrends. However, the technicals in wheat have improved just recently.

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