The US Dollar Index finished the week on a slightly positive note closing the day out close to 94. The Grain markets were mixed in trading today. All three markets traded on both sides of the ledger touching negative and positive values intraday. When the dust settled, Corn ranged from being flat to 1 cent in the black. The Soybean price change was consistent across the board ranging from 1 to 1.50 cents in losses. It looked like Wheat might have had the ability to turn higher but that notion did not carry through for the balance of the day. The Chicago Wheat futures finished the day ranging from 3.25 to 3.375 in losses.
Further clarifying the President’s position on possibly making changes to the biofuel policy. He stated that he would sign off on it only if refining and agricultural business jobs were preserved. Beneficial rain weather in Argentina and South America continues to keep its finger on Soybean futures stamping out possible gains. The USDA reported 129k metric tons of Soybean sold to unknown destinations the breakdown was 63k for 2017-18 and 66k for 2018-19. Additionally, they reported 268k metric ton in export sales to China for 2017-2018. Trader rumblings of dryness in the plain is starting to circulate and with it the possibility of a Wheat low draws closer. The 7 to 10 day forecast is not showing any signs of relief for what has been below average wetness for this time of the season.