US Dollar hits new highs

Corn and soybeans had their first down day since last week’s report. They have gotten back to levels they were trading at the beginning of the month. The USD index hit 96.00 the highest since July of ‘20 but it has not stopped the grain complex from moving higher. The cash markets remain strong being driven by ethanol grind and soybeans crush. Basis is seasonally strong as a result. IHS Markit (formally Informa) dropped 2022 corn acres to 90.8 million acres, soybeans at 87.9 million acres and wheat acres increase to 49.4 million acres. Bullish news for corn, neutral to bearish soybeans and bearish wheat acres. This acre battle will be very interesting going into the March intentions and these estimates will continue to shift. Vietnam lowered import tariffs on corn, wheat and frozen pork to help fight their food inflation. The new tariff levels for corn and wheat start Dec 30th but pork tariff doesn’t go into effect until July. NFC Grain Comments 11.17.21 (1)