Market News

Soybeans, grains see pressure from strong dollar

Soybeans were lower Friday, however the January soybean contract closed higher than last week’s high. DTN says that just may be a bullish sign of commercial support.  Just the same, traders are nervous that Argentina’s new leader may make more soybeans available to the market. Last week’s export sales and shipments were decent for the week, but still 17 percent under a year ago.

Corn closed lower Friday, pressured by the dollar that’s the strongest it’s been in eight months.  The dollar keeps gaining strength and that’s putting bearish pressure on grains and other commodity prices. Export sales and shipments were at a new marketing year high, thanks to purchases from Mexico, Japan and unknown destinations, but sales and shipments are still 23 percent below a year ago.

Wheat closed lower Friday, also under pressure from the higher dollar. Export sales and shipments of wheat were bearish, down 15 percent from a year ago.  With the rising dollar continuing to hurt export sales, the price of wheat could be at a new low this winter, but commercial demand should be supportive at these levels.