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Recap Of The Week For March 17, 2017

Recap of the week for March 17, 2017

March 17, 2017

Highlights:

  • The Fed hikes rates by 25 points and tells market to expect two more hikes in 2017
  • Commodities rally in a sell the rumor buy the fact reaction to higher rates
  • Gold and silver gain just over 2%
  • Platinum up 2% and palladium gains 4.4%
  • Copper rebounds 3.68%
  • Iron ore motors 8.37% higher on the week
  • The Baltic Index up over 10%
  • Lumber little changed on the week
  • Crude oil rebounds from lows of $47.09 and adds 0.60% on the week, Brent adds 0.8%
  • Gasoline and heating oil steady with oil on inventory withdrawals
  • Natural gas rejects technical resistance and falls 2.63% on the week
  • Ethanol 1.18% higher
  • Soybeans down marginally
  • Corn up ½ of 1%
  • Wheat down 1%
  • KCBT premium over CBOT wheat at 17.25 cents in May futures up 2.25 cents on the weeks
  • Sugar down marginally but makes lower lows as deficit turns into a surplus
  • Coffee up ½ of 1%
  • Cocoa gains 4.08%
  • Cotton adds to gains up 1.38% on the week
  • FCOJ up 5.17% making it the best performing commodity
  • Live cattle up 1.47% but feeder cattle add almost 4% pointing to more strength for beef
  • Hogs up 1.28%
  • The dollar turns lower after rate hike a dovish Fed statement sends the dollar index 1% lower
  • Long-Bonds move higher after the Fed acts and rallies to the 148-18 level up 1-18 on the week
  • Dow Jones Industrial Average virtually unchanged on the week at 20,915 up just 12 points

Price Changes for the week:

 

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