Grains lower on U.S. Dollar index reversal
The U.S. Dollar index has turned higher Monday, sending the CME Group grains lower.
At mid-day, December 2010 corn futures were 4 3/4 cents lower at $5.58 1/4 per bushel while November soybeans were $11.79 1/2, down 5 1/2 cents, according to private sources. December wheat was 11 1/2 cents lower at $6.93 per bushel.
Lower-than-expected export numbers were responsible for spillover bearish pressure on the grains moving into Monday's trade. Add to that a reversal in the U.S. Dollar index, and that pressure is growing.
"The U.S. Dollar index has reversed higher, taking the tailwind for commodities with it," says market analyst John Roach.