Grains continued to pulse higher led by soybeans with double-digit gains. In outside markets, weaker than expected jobs data put pressure on the US Dollar and equity futures heading into the day session.
Soybeans continued to clear a path to $12 a bushel after gaining $0.44 yesterday and $0.19 overnight. This morning’s export sales report showed NC sales that exceeded expectations with over 700,000 MT booked for 2016, versus 400 to 600,000 MT expected
Old-crop corn sales came in well above expectations with 1.3 MMT for the week and only 0.8 to 1.0 expected.
In outside markets, the US Dollar took a hit as weaker than expected jobs data put equities and the US Dollar index on defense. The U.S. economy created the fewest number of jobs in more than five years in May, hurt by a strike by Verizon (VZ.N) workers and a fall in goods producing employment, pointing to labor market weakness that could make it difficult for the Federal Reserve to raise interest rates. Nonfarm payrolls increased by only 38,000 jobs last month, the smallest gain since September 2010, the Labor Department said on Friday. Employers hired 59,000 fewer workers in March and April. The government said the month-long Verizon strike had depressed employment growth by 34,000 jobs.
WEEKLY EXPORT SALES
Act-OC Exp-OC Act-NC Exp-NC
Corn 1,317 800-1,000 128 200-400
Soy 309 200-400 737 400-600
Wheat 107 -200-50 385 300-500
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