Daily US grain report: traders awaiting USDA export sales data
US grain futures prices were mixed to weaker overnight, with corn near steady, soybeans down around 1/2 cent and wheat around 2 cents down.
15 November 2019
7 minute read
By: It's been another up-and-down week for grain traders regarding progress, or lack thereof, in US-China trade negotiations. A Barron's headline Friday warned that traders should be less worried about US-China trade talks and more concerned about recent data pointing to a significant slowdown in China's economic growth.
© Jim Wyckoff
© Jim Wyckoff
The highlight of the day Friday will be the weekly USDA export sales report, delayed by one day due to the US holiday on Monday. US corn sales are seen at 400,000 to 800,000 metric tonnes (MT), soybeans 800,000 to 1,400,000 MT and wheat at 200,000 to 500,000 MT. Traders will be watching the data for stepped-up grain purchases from China.
The near-term technical chart postures for all three grain markets have deteriorated the past few weeks, which is prompting some fresh selling interest from speculators, including the big "funds."
© Jim Wyckoff
© Jim Wyckoff
The Midwest US weather is now a mixed bag for the futures market. It has been colder and snowy this week, which has is delayed harvesting of corn and soybeans still in the fields. However, the coming days see warmer and drier weather conditions in the regions, to allow for good progress on gathering the crops.
