Daily US grain report: futures mixed on Monday

US grain futures prices were mixed overnight. Corn was down around 1 cent, soybeans around 3 cents up and wheat 1 to 2 cents down.

9 December 2019

7 minute read

By: Jim Wyckoff

North America

Traders are awaiting Tuesday’s monthly USDA’s supply and demand report, although no updates on the size of the US corn and soybean crops will be made in this report. Those figures will come in the January report.

Price downtrend in place and bears have firm advantage. No early clues downtrend will end
© Jim Wyckoff

December 15 looms as the next inflection point for the US-China trade talks, as that’s when new US tariffs are scheduled to go into effect.

Bears have overall near-term technical advantage as price downtrend barely in place. However, recent gains suggest market bottom in place
© Jim Wyckoff

With US corn and soybean harvest nearly wrapped up, grain traders are now looking at weather patterns in South American growing regions. There are no major problems at this time, with soil moisture adequate in most crop regions.

The near-term technical postures for corn and soybeans remain bearish, with wheat being neutral to slightly bullish on the charts.