🌽 Grain Markets Continue Their Washout
Grain futures remained under heavy pressure today
Main factors weighing on the market:
Continued fund liquidation
Lack of immediate Chinese buying
Improving Midwest weather
A surging U.S. dollar
📌 Market sentiment remains:
“Sell first, ask questions later”
💵 Strong Jobs Report Boosts the Dollar
Today’s employment report came in much stronger than expected
Jobs added:
172,000
Expectations were only 80,000
Unemployment:
Remained at 4.3%
Dollar Index:
Climbed above 100
📈 Why it matters:
Stronger dollar hurts U.S. export competitiveness
Markets are now pricing in:
Fewer rate cuts
Possibly no cuts at all this year
🌽 Corn Pushes Toward Major Support
Corn continues sliding lower
July corn:
Down 8¼¢ → 4.16¼
December corn:
Down 6¾¢ → 4.45
📌 Corn now approaching levels last seen around:
The bearish January USDA report
Fall 2024 price levels
