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Grain market bulls on a roll

October 8, 2020 by Jim Wyckoff

See on the daily bar chart for the December corn futures that prices are trending solidly higher and this week hit a new for-the-move high. Wheat and soybean prices have done the same this week. The grain futures are in the commodity market spotlight, amid the steep near-term price uptrends. This is drawing more speculative and chart-based buying interest into the grains. Fundamentally, strong demand for U.S. grains from other countries, namely China, is also pushing prices up. It could also be that the psychology of commercial grain end-users has changed from one of “just-in-time” buying, to one of wanting to hold more grain on hand and stock-piling before prices rise more. Stay tuned!– Jim

Filed Under: Blog News, Jim's Morning Report, Uncategorized

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