By Kirk Maltais


--Soybeans for March delivery fell 1.3% to $11.87 3/4 a bushel on the Chicago Board of Trade on Friday, with the grains complex joining other commodities in sliding after the U.S. dollar gained on a monthly employment report that showed more new jobs than expected.

--Corn for March delivery fell 1% to $4.43 a bushel.

--Wheat for March delivery was virtually unchanged at $6.02 a bushel.


HIGHLIGHTS


Robust Report: The U.S. dollar surged following a January jobs report showing the U.S. adding 353,000 jobs, well above the 185,000 expected by economists. The dollar's strength is seen as further limiting export sales, Arlan Suderman of StoneX said in a note. "Export demand for U.S. commodities is already soft, and today's surge in the dollar won't help matters," he said. A stronger dollar could make U.S. grain exports less competitive.

Quiet Time: Outside of the jobs report, major news concerning the grains complex was lacking. "Much of what we [saw] in grains is pre-weekend positioning," Karl Setzer of Consus Ag Consulting said. "We simply did not see enough fresh bullish news to warrant buying today." Other factors, like weather in South America, continue to have a role in determining the movement of prices, although it's becoming stale news.


INSIGHT


Material Flood: The impact of a reported oversupply of grains in Europe on futures prices could be offset by troubles in the Red Sea. Daniel Flynn of Price Futures Group notes 2023's rebound in production and extreme competition from Ukraine into neighboring countries has led to a lot of grain, which has put pressure on prices. But audacious attacks by Iran-aligned Houthis in Yemen have disrupted global commerce and are complicating the grain trade around Europe.


AHEAD


--The USDA will release its weekly grains export inspections report at 11 a.m. ET Monday.

--The EIA will release its weekly ethanol production and stocks report at 10:30 a.m. ET Wednesday.

--The USDA will release its weekly export sales report at 8:30 a.m. ET Thursday.

--The USDA will release its monthly World Supply and Demand Estimates report at noon ET Thursday.


Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

02-02-24 1607ET