The U.S. dollar tried to make new highs, but after the release of the Consumer Price Index, Global Commodity Analytics and Consulting President Mike Zuzolo says it will be interesting to see if the highs hold. “If they can’t hold, whether that creates more of a tailwind in these grain and livestock markets from a commodity index mindset.” Zuzolo says the grain markets had to digest the CPI numbers. “Since then, we’ve been able to find short-covering in the wheat markets. Wheat markets are turning around based on the news Russia submitted a letter to the UN about the Black Sea grain agreement, rejecting a renewal of the agreement.”
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