Daily US grain report: futures weaker, no benefit from upbeat US-China trade news

Nov 27, 2019 at 07:39 AM CST
US grain futures prices were weaker overnight, with corn and soybeans down around 1 cent and wheat down 3 to 5 cents. Grain trader attitudes are still somewhat upbeat Tuesday, following reports that the top trade negotiators from the U.S. and China held a telephone conversation Monday, with the Chinese press reporting the two sides had “reached a consensus on properly resolving latest issues.” Still, export demand for U.S. grains remains tepid and is a bearish underlying element for the futures. Monday’s weekly USDA crop progress report showed US corn harvest at 84 percent complete versus 85 percent expected and 76 percent complete last week. US soybean harvest was at 94 percent complete compared to 95 percent expected and 91 percent done last week.

Nov 27, 2019 at 07:39 AM CST

US grain futures prices were weaker overnight, with corn and soybeans down around 1 cent and wheat down 3 to 5 cents. Grain trader attitudes are still somewhat upbeat Tuesday, following reports that the top trade negotiators from the U.S. and China held a telephone conversation Monday, with the Chinese press reporting the two sides had “reached a consensus on properly resolving latest issues.” Still, export demand for U.S. grains remains tepid and is a bearish underlying element for the futures. Monday’s weekly USDA crop progress report showed US corn harvest at 84 percent complete versus 85 percent expected and 76 percent complete last week. US soybean harvest was at 94 percent complete compared to 95 percent expected and 91 percent done last week.