Fed Releases Minutes from June Meeting
The Federal Reserve Board increased interest rates by three-quarters of a percent at that meeting, which is the largest increase since 1994. In the newly-published minutes, it is apparent the Fed will likely increase rates by another half or three-quarters of a percent at its meeting July 26-27. Since the interest rate hike in mid-June, spring wheat futures have dropped 27 percent. Canola declined 22 percent; corn is off 19 percent and soybeans down by more than 13 percent.