The Federal Reserve Board concludes their two-day July meeting a week from today, with no move expected in interest rates. CME FedWatch Tool shows an 83% chance the Fed will leave rates unchanged, still a 17% chance of a small rate hike.
Now, the Fed doesn’t meet in August. CME, though, is looking for some action at the September 15th-16th meeting, now showing a 35% chance of no change in rates, but a 65% chance of a quarter-point rate hike. Forty-five days, of course, can change that outlook, and we’ll keep you posted.
This is the Bottom-Line report. Escalating events in Iran and the Black Sea area and extended heat, has December corn the highest since mid-May, November soybeans the highest since mid-January 2023. That’s our Bottom Line at midweek.
Audio Reporting by Mark Oppold for Southeast AgNet.