Daily US grain report: follow-through buying strength from Wednesday's gains, bulls have momentum

US grain futures prices were firmer overnight, with corn up 2 to 5 cents, soybeans up around 3 cents and steady to 1 cent lower.
calendar icon 13 June 2019
clock icon 3 minute read

Weather in the US Midwest has been generally dry, but cooler and wetter weather is in the forecast and that favours the grain market bulls, as there are still concerns about wet soils and a lack of heat that the crops need in summertime.

Traders will also closely examine today’s weekly USDA export sales report to get a gauge on worldwide demand for US grains.

Another element working in favour of the grain market bulls is the fact the big, speculative “fund” futures traders may have been “wrong-footed,” as prices have rallied when most of the funds were short the markets. Those shorts are being squeezed at present, and more price gains will force them to buy back their short positions, to drive prices still higher.

© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.