Daily US grain report: traders do not want to go home short

US grain futures prices were firmer again overnight, with corn up 3 to 5 cents, soybeans up around 3 cents and wheat 1 to 2 cents higher.
calendar icon 14 June 2019
clock icon 4 minute read

Look for the big, speculative “fund” futures traders who had been short the grains to continue to unwind their losing bets, to push grain futures prices higher. Also, the funds are likely to be now adding new long positions in the grains as the chart postures for those markets now look more bullish.

July corn
July corn

Bulls have solid near-term technical advantage and gain more power by pushing prices above what was strong resistance at $4.38. Now, upside is open to a run at $5.00. © Jim Wyckoff

July soybeans
July soybeans

Bulls step up and show power to keep uptrend alive. Push above early-June high would suggest solid leg up in prices. Soybeans likely to follow corn price action in near term. © Jim Wyckoff

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