Asian and European shares were mostly higher overnight and US stock indexes are also pointed toward higher openings and near record highs when the New York day session begins. Trader and investor risk appetite is upbeat around the globe at midweek, and that’s a positive for the grain markets.

While the coronavirus outbreak continues to spread, the rate of growth of new cases is slowing. There are now over 1,000 reported dead in China and over 44,000 afflicted. Still, there are reports in Asian countries of supply chains and local commerce being significantly interrupted by the outbreak. This is keeping grain market bulls very cautious on concerns of less demand.

The wheat markets have faltered this week and technical damage has been inflicted to suggest the wheat markets have put in a least near-term tops. Soybean charts are still overall bearish as prices are trending lower, while corn bears also have the near-term chart advantage amid sideways and choppy trading at lower levels.

Another negative element for US grain markets is the strength of the US dollar on the foreign exchange markets. The US dollar index this week hit a multi-month high, thus making US grains more expensive to purchase on the world market in non-US currency.