# First Thing Today | Grains struggle to build on post-USDA rally as U.S. dollar strengthens

> Grain futures traded mostly lower early on November 12 after Tuesday's USDA report, which cut soybean ending stocks unexpectedly and corn production by more than expected. The ICE dollar index hit a 19-month high overnight, and a Nvidia-related dispute between the U.S. and China was also weighing on sentiment ahead of a Trump-Xi meeting.

- Date: 2026-11-12 · published 2026-11-12T18:05:21.677Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/95802-first-thing-today-grains-struggle-to-build-on-post-usda-rally-as-u-s-dollar
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A firmer dollar makes U.S. commodities more expensive for foreign buyers, capping the rally from the USDA cuts and limiting upside for corn and soybean feed costs. The U.S.-China tensions add risk to export demand for soybeans.

## Read by commodity

- DXY: bullish ▲
- SBM: neutral
- SOY: neutral
- CORN: neutral
- WHEAT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2024-10-30 | [Argentina's Milei Taps Unseasonal Source in Search of Dollars: Shock Therapy \| Financial Post](https://feedsoft.ai/events/28129-argentina-s-milei-taps-unseasonal-source-in-search-of-dollars-shock-therapy.md) | +0.8% | -1.1% |
| CORN | 2026-01-27 | [Dollar sinks to four-year low as intervention risk lifts yen](https://feedsoft.ai/events/21293-dollar-sinks-to-four-year-low-as-intervention-risk-lifts-yen.md) | -0.7% | -0.4% |
| CORN | 2017-05-22 | [Tight monetary policy to strengthen Mexican peso](https://feedsoft.ai/events/71217-tight-monetary-policy-to-strengthen-mexican-peso.md) | +1.0% | +2.3% |
| CORN | 2017-02-28 | [Trump Was Going to Kill Mexico’s Peso. It’s Doing Just Fine - Bloomberg](https://feedsoft.ai/events/72712-trump-was-going-to-kill-mexico-s-peso-it-s-doing-just-fine-bloomberg.md) | +0.9% | -1.1% |
| CORN | 2023-09-22 | [The Global Sugar Shortage Is About to Ease Thanks to a Corn Supply Boom \| Financial Post](https://feedsoft.ai/events/34081-the-global-sugar-shortage-is-about-to-ease-thanks-to-a-corn-supply-boom.md) | +1.4% | +3.0% |
| SOY | 2026-10-27 | [First Thing Today \| Soybeans see small bounce as Brazilian real stabilizes - Pro Farmer](https://feedsoft.ai/events/436-first-thing-today-soybeans-see-small-bounce-as-brazilian-real-stabilizes-pro.md) | +0.5% | — |
| SOY | 2026-03-12 | [Offshore Yuan Falls on Strong Dollar — TradingView News](https://feedsoft.ai/events/11678-offshore-yuan-falls-on-strong-dollar-tradingview-news.md) | -3.2% | -2.9% |
| SOY | 2024-10-30 | [Argentina's Milei Taps Unseasonal Source in Search of Dollars: Shock Therapy \| Financial Post](https://feedsoft.ai/events/28129-argentina-s-milei-taps-unseasonal-source-in-search-of-dollars-shock-therapy.md) | +3.0% | +1.9% |

## Sources

- profarmer.com: https://www.profarmer.com/news/first-thing-today/first-thing-today-grains-struggle-build-usda-rally-u-s-dollar-strengthens

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.