Daily US grain report: markets pause ahead of critical trading week that lies just ahead

US grain futures prices were mixed overnight, with corn steady to up 1 cent, soybeans off around 3 cents and wheat near steady.

21 June 2019, at 1:16pm

Gains in corn, wheat and soybeans on Thursday (21 June) put the bulls back on track, amid near-term price uptrends in place on the daily bar charts.

US Corn Belt weather still favours the bulls. Rainy and stormy conditions are forecast for the US Midwest the rest of this week and into next week.

Focus has turned to the 28 June USDA US planted acreage report. That report will be one of the most important grain market reports of the year. Grain analysts are saying it’s wide open on the numbers the Agriculture Department assigns to corn and soybean planted acres. That means price action will likely be subdued next week, ahead of the Friday report. However, next Friday’s price action in the grains is expected to be highly volatile.

July corn
July corn

Bulls have firm near-term technical advantage. Uptrend in place.

Late next week is also when the US and Chinese presidents meet to discuss trade. Ideas are also widely mixed on the outcome of that meeting, which also argues for more subdued trade in the grains until late next week.

July soybeans
July soybeans

Bulls have firm near-term technical advantage amid price uptrend. © Jim Wyckoff