Grains climb higher again overnight, as the U.S. dollar potentially breaks down on the monthly charts.

January 29, 2026

Grains have created a morning event that has remained a constant: higher starts over the past week. The only question is: can the day-session seller vigilantes stall it out again? Meanwhile, gold adds another $200 in gains on the session, with silver tagging $120 overnight, up $6.00. The US dollar is setting up for a monthly breakdown on the charts if we close below 9600 by Friday. Currently trading down $0.14 at 96.14. Jobless claims this morning suggest the Fed probably could’ve lowered rates yesterday, based on prior methodology.

Strength in the metals is tied to the chaos of a likely government shutdown occurring at then this week. Fortunately, ag spending has been approved through September 30, but 80% of the US budget remains unsettled. The Democrats argue that unless DHS funding is removed from the rest of the bill, the bill stands little chance of passing on Friday, and that the government will halt some services. What is missing from the Democrats’ narrative is that ICE is already funded through 2027 in the prior bill.