The grains are attempting to recover from yesterday’s losses as the overnight markets closed around unchanged this morning. Despite a stellar corn export sales report, lackluster wheat and soybean numbers lead the trade lower and handed nearby soybeans their worst day of the week.
A strong rally in the U.S. dollar is also pressuring grain markets as it’s rallied back to levels not seen since mid-November. U.S. corn remains fairly competitive globally however, the party is over for soybeans as the Brazilian harvest rolls on and keeps the value of their crop the most affordable in the world.
Equities are stronger this morning as the markets try to remain optimistic about a strong recovery from the pandemic. New strains of the virus in Brazil are of concern and the trade will be keeping a close eye on how effective vaccines are against them.