Daily US grain report: grain futures take in stride Trump’s downbeat remarks on China trade deal

US grain futures prices were higher overnight. Corn was up 1 1/2 cents, soybeans around 3 cents up and wheat 4 to 5 cents higher.

3 December 2019

7 minute read

By: Jim Wyckoff

North America

Grain traders so far Tuesday are brushing off President Trump’s remarks in London regarding a partial US-China trade deal. Trump said there is no timetable on even a partial deal and implied any deal could come after next year’s US presidential election.

“In some ways, it may be better to wait until after the election,” said Trump. Trump on Monday threatened Brazil and Argentina with trade tariffs and on Tuesday did the same to France.

Price downtrend in place and bears have firm advantage but bulls working to stop the bleeding
© Jim Wyckoff

USDA’s weekly crop progress report Monday afternoon showed US corn harvest at 89 percent complete compared to 89 percent expected and 84 percent complete last week. US soybean harvest was 96 percent complete versus 97 percent expected and 94 percent done last week.

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 has become a back-burner matter for grain traders, as the US corn and soybean harvest is wrapping up. Focus is on South American weather in corn and soybean regions there, as well as weather in the major wheat-producing regions of the world.