Jobs Shock Fuels Gold, Silver Surge as Wheat Rebounds: The Daily Board, Aug 7

🌽 Corn · Dec: 462'0 · unch · unch ➖

🫘 Beans · Nov: 1176'2 · −1'4 · −0.13% 🔴⬇️

🥩 Meal · Dec: 313.40 · −3.20 · −1.01% 🔴⬇️

🫙 Oil · Dec: 67.88 · +0.51 · +0.76% 🟢⬆️

🌾 SRW · Sep: 639'6 · +8'4 · +1.35% 🟢⬆️

🌾 HRW · Dec: 730'4 · +13'0 · +1.81% 🟢⬆️

🌾 HRS · Dec: 702.25 · +8.00 · +1.15% 🟢⬆️

🌾 Oats · Dec: 331'0 · +3'0 · +0.91% 🟢⬆️

🌻 Canola · Nov: C$779.80 · +10.90 · +1.42% 🟢⬆️

🐮 Barley · cash: C$270.00 · unch (wk) · n/a ➖

🛢️ WTI · Sep: 78.18 · +0.89 · +1.15% 🟢⬆️ †

🔥 NatGas · Sep: 2.662 · +0.022 · +0.83% 🟢⬆️

🥇 Gold · Dec: 4,399.70 · +100.10 · +2.33% 🟢⬆️

🥈 Silver · Sep: 63.499 · +1.893 · +3.07% 🟢⬆️

Corn shrugged off the broader commodity rally entirely, closing flat while everything from wheat to gold took off on dollar weakness.

Solid US crop conditions (63% good-to-excellent) are keeping a lid on any macro-driven bid; there's simply enough corn out there for the market to ignore a soft jobs number.

So what: flat feed costs for anyone pricing fall rations, at least for one more session.

Watch: the August 12 WASDE, where analysts are already pencilling in a smaller corn crop.

Beans slipped slightly even as the rest of the complex rallied on the weak dollar, a sign the China story is overriding the macro story right now.

US soybean sales to China are running about 45% behind last year as Beijing leans harder on Brazilian supply, and good North American crop conditions aren't helping the bull case.

So what: growers holding old-crop bushels get a small reminder that demand, not the dollar, is driving this market.

Watch: any fresh China purchase headlines and the August 12 WASDE.

Meal gave back ground today, with oil doing the carrying in the crush split instead.

So what: a small breather on protein-feed costs for livestock and feedlot rations.

Watch: board crush margins heading into next week's WASDE.