Will Fed decision impact the Grain markets?

The Federal Reserve will make its rate decision this afternoon. Most analysts had a 50 basis point bump until the big CPI number on Friday causing many to start thinking 75 basis points is the new target. In general the FOMC committee tends to be more dovish especially at the wrong times it seems. They have been behind the inflation curve since the beginning. They had telegraphed 3- 50 basis point moves this summer and today would be #2. They have wanted to do these 3 hikes and reevaluate the economy at that time going into the 4th quarter. We lean towards they will stick with the plan. The Fed is less reactionary than the market to data. They move at a slower pace regardless of what we think. We had weaker markets overnight after softer markets most of the day yesterday. The heat and lack of rain in the forecast the next 10 days should be supportive the corn market while maybe less so the soybeans short term but with a 3-day weekend coming up with hot weather we would think traders will want to own the corn market and that will put support under the soybeans and wheat. Today we will be watching the overnight lows of 7.62 & 16.86 in July. NFC Grain Comments Options -6.15.22