Corn contract's were showing fractional gains pre-dawn as the market's real fundamentals grow more bullish.
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Soybeans followed suit, posting an overnight rally after closing lower the past three sessions.
National Cash Indexes for the 3 major wheat markets continues to show bloated supplies in relation to demand.
Morning Summary: Sitting at my computer looking at the quote screen, a fresh cup of coffee in front of me, and I’m getting the smell of fish. As if I’m at the famed Seattle Fish Market where vendors toss around the catch of the day as if were bags of grain. No, I’m not having salmon on a fresh bagel for breakfast, though that does sound tasty. I’ll explain in more detail shortly (though many of you have likely followed where I’ve already drifted). The US dollar index ($DXY) continued its strong climb overnight through early Thursday morning, adding as much as 0.58 and sitting near its high as of this writing. This took the greenback to 107.06, an incredible run and the strongest it has been since the November 1, 2023, peak of 107.11. Beyond that is the October 3, 2023, high of 107.35. The market certainly seems to be telling us reignited inflation fears and higher interest rates are on the way. It’s not surprise that in response to this move by the dollar, the floor fell out from under gold as the December futures contract dropped as much as $45 (1.7%). Energies were mostly higher pre-dawn with the spot-month WTI crude oil contract gaining as much as $0.37.
