Daily US grain report: markets continue to get buffeted by bearish outside market forces

US grain futures prices were mixed but mostly firmer in overnight trading. Corn was up around 2 cents, soybeans up 1 to 2 cents and wheat steady to up 3 cents.
calendar icon 16 August 2019
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Corn Belt weather remains benign for the US corn and soybean crops, which is bearish for prices. Late this week sees temperatures rising a bit in the region, but with scattered rainfall. It's mid-August and the window is rapidly closing on any heat/dry stress developing for the soybean and corn crops. The next major weather threat would be an early frost in the Corn Belt that could reduce corn and soybean yields.

Bears have solid overall chart advantage amid price downtrend. No early clues a market bottom close at hand
Bears have solid overall chart advantage amid price downtrend. No early clues a market bottom close at hand

© Jim Wyckoff

Price downtrend still in place and bears have overall chart advantage
Price downtrend still in place and bears have overall chart advantage

© Jim Wyckoff

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