[Listen] Gordy Ag Market Recap It Could Have Been Worse
Both corn and beans got to the top of the ranges they have been in for quite some time. They tried to break out but got pushed back down. The grains really seemed to be fixated on the outside markets and reports. The Federal Reserve's announcement on interest rate increases and the big jobs report that was released Friday.
Traders expected the Federal Reserve to increase interest rates by a quarter percent and that is what they did Wednesday afternoon. Gordy said it will also be important their comments after the announcement as to how much they may raise interest rates next month. Their comments were not too hawkish, so it looked like we "dodged a bullet" on that report.
Then there was the jobs report Friday morning that showed a huge increase in jobs, far above the trader's expectations. Traders interpreted the jobs report that was too good would mean the Federal Reserve would sharply increase interest rates next month. However, the grains held pretty well likely supported by less-than-ideal weather in South America. Click on the link above and listen to Gordy talk about the ag markets last week,