Commodity prices brace themselves for Fed tightening

The big news this week was the ratcheting up of expectations of an imminent rate hike by the Fed, which weighed on most commodity prices. That said, the prices of US grains and soybeans rose, on optimism that President Trump will support the biofuels programme. Later today, Fed Chair Janet Yellen is to speak on the US economic outlook. This will be her last speech prior to the mid-March FOMC meeting, so it will be closely monitored for any clue that a rate hike is imminent.