[Listen] Gordy Ag Market Recap Fed Comments Spook Markets
Commodity Broker Gordy Kralovetz with Chiodo Commodities said we started the week pretty well but the Federal Reserve comments Wednesday spooked the markets. Typically Monday is a down day for the commodity markets. However, when Monday is a stronger day many times it is a much stronger day. That was the case last Monday with a big up day in the Ag markets.
By Wednesday the grains were challenging the recent highs and looking like we may be breaking out higher. Then one of the Federal Reserve Board members had some hawkish remarks about the Federal Reserve would still need to raise interest rates a lot more to slow the economy. Gordy said that really spooked the markets and down we went.
It sure did not help that corn export sales still are lagging well behind projections even with China buying a lot of corn the previous week. Click on the link above and listen to Gordy talk about the ag markets last week.