Daily US grain report: traders await weekly export sales data

US grain futures prices were closed overnight for the holiday and will close early today.

29 November 2019

7 minute read

By: Jim Wyckoff

North America

The highlight of the holiday-shortened week will be today’s weekly USDA export sales report. US corn sales are seen at 400,000 to 900,000 metric tons (MT), US soybeans 600,000 to 1,200,000 MT and US wheat at 300,000 to 600,000 MT.

Price downtrend in place and bears have firm advantage to suggest challenge of September low
© Jim Wyckoff

There is a bit of concern among grain traders after President Trump late Wednesday signed a bill supporting Hong Kong’s anti-government protesters. Traders and investors are unsure how China is going to react, especially given that the US and China had appeared very close to signing a partial trade deal. Such may still be the case, but maybe not, either.

Bears have solid overall near-term technical advantage as price downtrend in place. More downside is likely in near term
© Jim Wyckoff

Weather in the US Corn Belt leans a bit bullish as winter storms have buffeted the region, with more wet weather this weekend - slowing harvest of what little crops are left in the fields.