Daily US grain report: Midwest weather patterns allow good planting progress to pressure grain prices

US grain futures prices were lower overnight, with corn down around 3.5 cents, soybeans off 5 to 7 cents and wheat down around 5 to 6 cents.
calendar icon 10 June 2019
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US Corn Belt weather turned drier over the weekend, which likely allowed for strong planting progress for the corn and soybeans.

However, even as the weather has turned drier in recent days, the heretofore record or near-record slow planting pace for US corn and soybeans is likely to reduce production totals this fall.

July corn
July corn

Prices are pausing which is not yet bearish. Bulls still have near-term technical advantage but need to show fresh power soon to maintain this.

Traders are anxiously awaiting Monday (10 June) afternoon’s latest crop progress reports, followed by Tuesday’s monthly USDA supply and demand report that will update US and world grain balance sheets. In the crop progress reports, corn planting is expected at 80 to 85 percent complete versus 67 percent last week and 100 percent last year. Soybean planting is seen at just under 60 percent planted versus 39 percent last week and 93 percent last year at this time. Hard red spring wheat planting is expected a 96 percent to 97 percent done versus 93 percent last week and 100 percent last year. This afternoon’s report will also show the first corn condition rating of the year.

July soybeans
July soybeans

Bean bulls lose chart advantage as price uptrend now in serious jeopardy. Bulls need to step up and show power very soon.

Selling interest in the grains is somewhat limited following the late-Friday agreement between the US and Mexico on immigration that avoids the US imposing trade sanctions on Mexico.

Traders will also closely examine Monday morning’s weekly USDA export inspections report.

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