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The US Federal Reserve raised its key rate 25 basis points to 5.25-5.5% on July 26, a move largely expected by the trade. Grain futures were more influenced by erratic moves tied to Russia's exit from the Black Sea Grain Initiative and attacks on Ukrainian ports, plus mixed US rainfall.
Corn and wheat prices are being driven by Black Sea supply risk and US weather rather than the Fed decision, so buyers should expect continued volatility. Weak export demand for US corn and wheat could weigh on prices if it persists.
agcanada.comAGCanadaJul 26, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
