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US Dollar Continues it's Rally Overnight

Grains were weaker overnight

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Grains were weaker overnight as strength in the US dollar continued to weigh on all commodity markets especially crude oil which was off over a $1 a barrel.

The US dollar continued its rally overnight and into the morning session, gaining 0.4% overnight and reaching its highest mark since March 23. The Federal Reserve will likely raise interest rates in June if economic data points to stronger second-quarter growth as well as firming inflation and employment, according to minutes from the U.S. central bank's April policy meeting released on Wednesday. That view, expressed by most Fed policymakers at the last policy meeting, suggests the central bank is much closer to lifting rates again than Wall Street expects.

This morning, USDA’s export sales report had supportive corn numbers with a good showing on both old- and new-crop deliveries, which beat expectations. Wheat and soybeans were less impressive though still within expectations.


OC-Act OC-Exp NC-Act NC-Exp

Corn 1,473 900-1,300 541 100-300

Soybeans 556 300-500 158 50-250

Wheat 175 0-250 573 200-400

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