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Malanga notes the possibility of the Federal Open Market Committee (FOMC) considering a rate cut in March if labor market weakness becomes apparent.
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The grain and soy markets favored the downside overnight as soybeans continue to lead weakness.
Corn and soybeans faced followthrough selling overnight, while wheat retreated from recent gains.
That would still be the smallest annual increase in overall food prices since they rose 0.9% in 2017.
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Corn and soybeans traded in tight ranges overnight, with corn favoring the upside and soybeans the downside. Wheat futures favored the upside, though saw weakness into the break.