Jul 24, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin


Walsh Trading: Afternoon Grain Comments

RSS By: Andy Kopale, AgWeb.com

Andy is a seasoned grain market analyst and the senior account executive at Walsh Hedging. His main focus is assisting producers and end users to better hedge their investments through his various market strategies over his years of experience working on the grain floor.

Walsh Commercial Hedging Letter 5/4/12

May 04, 2012
 
 
Corn
 
Spot-July finished the week down 5 ¼ cents @ 620 1/4; December down 14 ½ cents to close @ 524 1/4 .A faster than expected start to the planting season & near ideal weather outlook ahead helped to drive the market lower this week. Granted wet forecasts could slow plantings, but the view across the trade is that the rain events over the next 10 days will be beneficial for the emerging crop to get off to a quick start. The weekly Corn Planting progress report showed that 53% of the crop is planted, 10% above trade expectations. This compares with 28% last week & 12% last year. The 10 year average for this time of year is 35%. The highest percent complete was 60% in 2010. Iowa surged to 50% complete from 9% just the week before. Illinois is 79% planted and 34% emerged to push emergence to 15% nationwide from 6% on average.  A lack of producer selling plus a lack of deliveries continues to provide some underlying support to the market despite the pressure. Given the cash basis levels, end users who need corn are considering ownership of May receipts as an alternative to buying in the cash market.Weekly export sales were huge with sales of 1.3319 MMT for 2011-12 & 2.1403 MMT for 2012-13 for a total of 3.4722 MMT. Featured buyer was Unknown Destinations @ 509.5 TMT old crop & 1.92 MMT of new crop, Japan 357.5 TMT, China for 214 TMT old crop & 172.5 of new crop & Mexico for 104.5 TMT. CIF basis at the Gulf, which has rolled to July, is bid @ 92 over with a lot of old crop sales still to be shipped out, including those done by China. Ethanol production for the week ending April 27th rebounded to an average of 894,000 bpd. This is up 3.3% vs. last week & up 2.17% vs. last year. Total Ethanol production for the week was 6.258M barrels. Corn used in last week's production is estimated @ 95.2M bu. Corn use needs to average 94.2M bu. per week to meet the USDA projection. Stocks were reported @ 22.2M barrels. This is up 1.7% vs. last week and up 12.4% vs. last year. While the ethanol stocks increased from 918M gallons to 933M, although they remain below the 954 peak set in mid-March. Blending statistics show a strong blending pace with the volume blended up 3% from last year & the percentage of conventional gasoline blended with ethanol nearly at all-time highs @ 93% due to the very favorable blending margins. Of interest were reports out of the ADM earnings conference call in which they indicated that they anticipate E-15 blends to begin hitting the market this summer. On Thursday, we saw the renewal of the unwinding of the long bean/short corn spreads & we can expect significant liquidation that should be supportive to the corn relative to the beans over the next couple of weeks. Wednesday, Export sales of 130,000 metric tons of corn for delivery to unknown destinations during the 2012/2013 marketing year & South Korea bought 58.0 TMT of corn @ $295.85 for delivery before Oct. 20th with another purchase of 58 TMT of US @ $290.34 C&F along with 65 TMT @ $274.90 optional-origin. On Friday, private analytical firm Informa Economics adjusted its estimates of U.S corn planting for 2012. The firm pegged U.S 2012 corn plantings at 96.124 million acres, up from its March figure of 95.5 million and above the USDA’s March 30th forecast of 95.864 million.
 
Corn Planted - Selected States
[These 18 States planted 92% of the 2011 corn acreage]
-----------------------------------------------------------------
:            Week ending            :
:-----------------------------------:
State          : April 29, : April 22, : April 29, : 2007-2011
:   2011    :   2012    :   2012    : Average
-----------------------------------------------------------------
:                    percent
:
Colorado ........:    16          10          22          18
Illinois ........:    10          59          79          29
Indiana .........:     2          46          70          20
Iowa ............:     7           9          50          32
Kansas ..........:    38          32          57          32
Kentucky ........:    17          75          86          44
Michigan ........:     1          11          28          16
Minnesota .......:     1          11          48          31
Missouri ........:    31          50          75          38
Nebraska ........:    12          14          44          23
North Carolina ..:    83          79          89          82
North Dakota ....:     -           8          24          11
Ohio ............:     1          34          57          20
Pennsylvania ....:     1          15          27          15
South Dakota ....:     1           8          31           9
Tennessee .......:    37          88          93          62
Texas ...........:    75          65          70          71
Wisconsin .......:     1           6          18          12
:
18 States .......:    12          28          53          27
-----------------------------------------------------------------
 
Corn Emerged - Selected States
[These 18 States planted 92% of the 2011 corn acreage]
-----------------------------------------------------------------
:            Week ending            :
:-----------------------------------:
State          : April 29, : April 22, : April 29, : 2007-2011
:   2011    :   2012    :   2012    : Average
-----------------------------------------------------------------
:                    percent
:
Colorado ........:     -           1           2           1
Illinois ........:     2          21          34           6
Indiana .........:     -          10          24           4
Iowa ............:     -           1           5           3
Kansas ..........:    10          11          25           8
Kentucky ........:     5          35          56          18
Michigan ........:     -           -           2           -
Minnesota .......:     -           -           1           1
Missouri ........:    12          21          37          13
Nebraska ........:     1           1           4           1
North Carolina ..:    49          47          62          46
North Dakota ....:     -           -           1           -
Ohio ............:     1           2           6           1
Pennsylvania ....:     -           1           1           1
South Dakota ....:     -           -           -           -
Tennessee .......:    21          61          75          30
Texas ...........:    56          53          58          62
Wisconsin .......:     -           -           -           -
:
18 States .......:     4           9          15           6
-----------------------------------------------------------------
 
Bottom line is that fears of a surge in production for 2012 remain a significant bearish influence on prices & rallies in prices will be opportunities to forward contract but, it will likely take some weather adversity to push new crop corn prices over $6. May’s USDA S&D report will be our first look @ 2012/13 ending stocks figures. The pros are expecting around 1.8 billion bu. for the May report, compared to 801 million bu. for the 2011/12 marketing year. Back at this year’s Outlook Forum, the USDA used a projected yield of 164 bpa & with significant early planting progress in key states the trend line yield may have to be adjusted even higher. Historically, the USDA lowers yield estimates with late plantings & raises them on early planted corn projections. After the recent spell of Chinese bookings, the USDA seems to be in a position where they will need to raise their old crop exports estimate by about 50 to150 million bu. & consequently lower the carry out. Cash markets continue to show incredible strength & China continues to enjoy a large import margin, however, price direction will begin becoming more dependent on forecasts of the weather gurus. Also, traders are indicating that U.S corn is expensive to wheat, Argentina corn, and Brazil corn. In addition, there is talk that the Brazil corn crop could be higher than expected for next week’s report. December corn has resistance around $533 ¾ on the charts but if the weather stays good, we cannot rule out another swing down to $5.10 before the market puts in a spring low.
Hedgers: 2011: 100% sold. 2012: 50% of guaranteed bu. Sold. We took some quick profits on our short-term July $6.00/ $7.00 call spreads before we pulled back. Clients should get puts in place on all unsold new crop bushels they anticipate growing. Use September $5.30 puts for 25 cents or better &/or Dec.’12 $5.00 puts to protect against a move lower to the $4.50 area in the new crop. If prices can manage to rally to $6+ we will either roll up our protection or make additional cash sales.
 
 
Wheat
 
Spot-July Chicago wheat lost 40 ½ cents on the week to settle @ 609 ½. July KC wheat lost 32 cents on the week to finish @ 627. July Minneapolis slipped 34 ¾ cents for the week to settle @ 744.  Traders remain focused on the potentially enormous winter wheat crop set to begin being harvested. Weather forecasts remain benign. Hard wheat contracts in KC & Minn. fell to new multi-month lows & Chicago made new contract lows on Friday. Early reports of high yields in north-central & central Kansas from the Kansas Crop Tour suggest yields far above last year’s figures with mixed reports coming out of southern part of the state. The Tour ends today, and the wheat crop is huge. The final estimated yield for the Kansas’ HRW wheat crop is 49.1 bu/acre, nearly 3 bushels/acre above the previous record yield set back in 2005. The figure is higher than the tour’s yield estimate last year of 37.4 bushels and the tour’s average yield estimate over the past three years of 39.6 bushels an acre. Further, on the basis of the average of 59 estimates offered by those on the Tour, the Kansas wheat crop this year is now forecast to be barely under 404 million bushels compared with the 276.5 million bushels produced last year in Kansas. While tour participants said the surveyed crops were generally in good condition and at an advanced stage of development, some warned the tour’s yield estimate may be too high. A warm spring and generally favorable conditions have led Kansas wheat crops to develop 2-3 weeks faster than usual this year, so most of the wheat surveyed on the tour had already headed. That changed the tour’s main yield estimation method this year to include counting spikelets on wheat heads, instead of just counting stalks. Wheat harvest will be coming quickly to the southern Plains in the next 2 to 3 weeks, with portions of the southern SRW belt already active. There is little doubt that the supplies of HRW & SRW wheat will be ample & is priced to move into feed with HRW comparatively priced vs. corn. For example: In the Southeast, early reports have SRW more than a $1 per bu. less than corn. Weekly wheat export sales were solidly within expectations with 256.7 TMT of old crop & 454.8 TMT for 2012-13. Featured customers for 2012-13 were Mexico for 215.4 TMT & Unknown Destinations for 72.6 TMT. On Tuesday, Saudi Arabia purchased 2 cargoes of HRW wheat for delivery during the 2012/2013 marketing year. Informa came out Friday with their new estimates for wheat production. They estimated U.S winter wheat production for 2012 at 1.656 billion bushels, up from the firm’s April 4th forecast of 1.631 billion. By class, Informa pegged U.S production of hard red winter wheat at 1.008 billion bushels, soft red winter wheat at 421 million and winter wheat at 227 million. The firm forecast U.S seedings of spring wheat at 13.476 million acres, up from the USDA’s March estimate of 11.976 million.
 
Winter Wheat Headed - Selected States
[These 18 States planted 88% of the 2011 winter wheat acreage]
-----------------------------------------------------------------
:            Week ending            :
:-----------------------------------:
State          : April 29, : April 22, : April 29, : 2007-2011
:   2011    :   2012    :   2012    : Average
-----------------------------------------------------------------
:                    percent
:
Arkansas ........:    88          100         100         75
California ......:    94           85          90         96
Colorado ........:     -            -           3          2
Idaho ...........:     -            -           -          -
Illinois ........:     6           55          80          6
Indiana .........:     1           19          34          -
Kansas ..........:    13           45          74          7
Michigan ........:     -            -           -          -
Missouri ........:    22           69          84         13
Montana .........:     -            -           -          -
Nebraska ........:     -            -           5          -
North Carolina ..:    79           92          98         65
Ohio ............:     -            -           -          1
Oklahoma ........:    80           89          97         64
Oregon ..........:     -            -           -          1
South Dakota ....:     -            -           -          -
Texas ...........:    61           67          82         54
Washington ......:     -            -           -          -
:
18 States .......:    29           42          54         24
-----------------------------------------------------------------
 
 
Winter Wheat Condition - Selected States: Week Ending April 29, 2012 [National crop conditions for selected States are weighted based on 2011 planted acreage]
----------------------------------------------------------------------------
State     : Very poor :   Poor    :   Fair    :   Good    : Excellent
----------------------------------------------------------------------------
:                          percent
:
Arkansas .......:     2           5          38          42          13
California .....:     -           -          10          50          40
Colorado .......:     2          13          33          46           6
Idaho ..........:     1           1          17          65          16
Illinois .......:     1           3          16          60          20
Indiana ........:     1           3          21          59          16
Kansas .........:     2           6          30          49          13
Michigan .......:     2           5          27          52          14
Missouri .......:     1           6          25          51          17
Montana ........:     1           8          36          48           7
Nebraska .......:     -           3          27          59          11
North Carolina .:     -           1          16          67          16
Ohio ...........:     3          11          34          41          11
Oklahoma .......:     1           4          20          53          22
Oregon .........:     -           8          19          55          18
South Dakota ...:     -           3          30          54          13
Texas ..........:    16          18          30          28           8
Washington .....:     -           1           6          82          11
:
18 States ......:     3           7          26          50          14
:
Previous week ..:     3           7          27          48          15
Previous year ..:    20          21          25          28           6
----------------------------------------------------------------------------
 
Spring Wheat Planted - Selected States
[These 6 States planted 98% of the 2011 spring wheat acreage]
-----------------------------------------------------------------
:            Week ending            :
:-----------------------------------:
State          : April 29, : April 22, : April 29, : 2007-2011
:   2011    :   2012    :   2012    : Average
-----------------------------------------------------------------
:                    percent
:
Idaho ...........:    50          70          82          61
Minnesota .......:     2          84          93          28
Montana .........:     6          49          68          35
North Dakota ....:     1          45          66          20
South Dakota ....:    18          91          97          50
Washington ......:    56          47          60          72
:
6 States ........:     9          57          74          32
-----------------------------------------------------------------
 
Spring Wheat Emerged - Selected States
[These 6 States planted 98% of the 2011 spring wheat acreage]
-----------------------------------------------------------------
:            Week ending            :
:-----------------------------------:
State                 : April 29, : April 22, : April 29, : 2007-2011
:   2011    :   2012    :   2012    : Average
-----------------------------------------------------------------
:                    percent
:
Idaho ...........:    21          27          38          28
Minnesota .......:     -          20          44          11
Montana .........:     -           5          10           3
North Dakota ....:     -          12          24           2
South Dakota ....:     4          64          79          16
Washington ......:    25          19          24          40
:
6 States ........:     3          18          30           8
-----------------------------------------------------------------
Bottom line is that the US wheat is faced with a favorable outlook across the country but, in the absence of a meaningful rally in corn prices the wheat will need to originate some additional export demand or else face a tough challenge of those winter lows heading into harvest in a couple of weeks. Hedgers: 2012: 35% sold 2013: 10%Clients should make sure to have puts on all unsold new crop bushels they anticipate growing in addition to the cash sales we have made. Our July Chicago $6.30 puts for 20 cents are good protection for any early harvested wheat. Otherwise, September Chicago $6.30 puts for 30 cents can manage our longer-term downside risk for 2012 & 2013 to leave the upside open until you can make cash sales after harvest is over. The USDA identified a "window of opportunity for sales" of the 2012 crop soon after supplies become available, in May-June. We purchased $6.40/$7.40 call spreads on the cheap for 22 cents, Thursday morning. If you would like to stay in the game on any forward contracts you should contact the office for up-to-date recommendations. 
 
Soybeans
 
Spot-July soybeans settled the week down 15 ¼ cents @ 1478 ¼ November finished the week up 4 ¾ cents @ 1362.  More big deliveries plus talk of the extreme overbought condition for old crop soybeans due to the surge higher in the past few weeks helped to pressure the market. The pros view the current weather forecasts as bearish with periods of warm & wet weather over the next 10 days but, not enough rain to cause flooding issues (the exception being S. Iowa & N. Missouri.) Liquidation of old crop/new crop bull spreads helped to support the November contract along with relentless China buying helped to provide underlying support to limit the downside above weekly support despite the key reversal on Wednesday. On Wednesday, nearby beans rallied to new contracts highs with July hitting $15.12 ½ after one entity stepped up to stop 486 or 576 contracts redelivered on Tuesday night. July Meal traded to a new contract high of $437.6/ ton. However, with a lack of old crop exports, the markets slipped back to trip stops when the spot-July contract penetrated Tuesday’s lows’ setting off a bout of technical selling. The weekly Soybeans planting report showed that a record 12% of the crop is planted which is right on trade expectations. This compares with 6% last week and 2% last year. The 10 year average for this time of year is 5%. The previous highest percent complete was 9% in 2006 while the lowest was 2% in 2011. US cash markets remain steady for old crop & firmer for the new crop. For the 3rd week in a row export sales were huge with sales of 598 TMT for the 2011-12 & 1.134 MMT of new crop for a total of 1.732 MMT which was above trade expectations. Featured buyer was again China with 117.3 TMT for this year & 675 TMT for 2012-13 & Unknown Destinations (most likely China) for 147.5 TMT for old crop & 394 TMT for new crop. Net meal sales came in @ 59 TMT for the current marketing year & 92.7 TMT for the next year for a total of 151.7 TMT. On Monday, Private exporters reported to the U.S. Department of Agriculture export sales of 220 TMT of soybeans to China during the 2012/2013 marketing year. Tuesday saw additional export sales of 110 TMT of soybeans for delivery to China during the 2012/2013 marketing year. Then on Wednesday, export sales of 204 TMT of soybeans for delivery to unknown destinations during the 2012/2013 marketing year & export sales of 30,000 metric tons of soybean oil for delivery to China during the 2011/2012 marketing year. Thursday saw private exporters report export sales of 232 TMT of soybeans to China during the 2012/2013 marketing year. On Friday, Informa pegged U.S 2012 soybeans plantings at 75.822 million acres, up from its previous forecast of 75.1 million and up from the USDA’s March 30th figure of 73.902 million.
 
Soybeans Planted - Selected States
[These 18 States planted 95% of the 2011 soybean acreage]
-----------------------------------------------------------------
:            Week ending            :
:-----------------------------------:
State           : April 29, : April 22, : April 29, : 2007-2011
:   2011    :   2012    :   2012    : Average
-----------------------------------------------------------------
:                    percent
:
Arkansas ........:    14          28          45          17
Illinois ........:     -           5          13           2
Indiana .........:     -          11          28           4
Iowa ............:     -           1           3           3
Kansas ..........:     1           2           5           1
Kentucky ........:     -           7          18           2
Louisiana .......:    52          33          42          41
Michigan ........:     -           2           9           3
Minnesota .......:     -           -           4           4
Mississippi .....:    29          40          59          48
Missouri ........:     -           4           8           2
Nebraska ........:     1           -           6           2
North Carolina ..:     6           2           5           5
North Dakota ....:     -           -           1           1
Ohio ............:     -           7          16           5
South Dakota ....:     -           -           2           -
Tennessee .......:     1           3           9           3
Wisconsin .......:     -           -           1           1
:
18 States .......:     2           6          12           5
-----------------------------------------------------------------
 
Bottom line here is that we are hearing some talk that the Chinese Gov’t is considering releasing some stocks which have helped keep a lid on the bullish enthusiasm. After filling the upside gap left last fall, we continue to see support on the weekly charts near $14.40 followed by $14.13 ½ with resistance up @ this week’s high at 1512 ½  to $15.20. The bulls will look for the funds to continue to dress up their positions heading into next weeks report as the necessity to secure acreage for the 2012/13 marketing year both here & in SA is superseding rationing at this point. Guess we will have to wait until the June 30th report to find out how well the beans have done at entice producers to switch or double crop.
Hedgers: 2011: 100% sold 2012: 50% of guaranteed bu. sold Producers should be actively looking for bids for their remaining old crop bushels & take advantage of the rally in prices. Clients if you have priced any bushels this week contact the office to reown them “on paper” to stay in the game heading into a key May USDA S&D report when we get our first look @ the new crop balance sheet. Clients should make sure to have puts on all unsold new crop bushels they anticipate growing in addition to the cash sales we have made. Protect “beans in the teens” before you have ever planted them on any bushels I anticipate growing that are not forward contracted with Outright Nov. ’12 $13.00 puts for 55 cents or better. They will allow us to comfortably be patient & wait on additional sales to make the most of the strong cash markets.  


 
 
Of note…
·         The nation's 100 largest agriculture cooperatives reported near-record revenue of $118 billion in 2010, USDA Rural Development Under Secretary Dallas Tonsager announced today. This was an increase of 4 percent over 2009 figures. Net income for the 100 top agriculture co-ops was also up more than 10 percent in 2010, reaching $2.39 billion, up from $2.16 billion in 2009.
·         Spain has plunged into a double-dip recession, in the latest blow to the euro zone economy. Spanish GDP shrank by 0.3% in the first three months of 2012, the second consecutive decline, as the country's austerity measures and the wider economic slowdown hit growth. There are now eight euro zone nations in recession, plus three other members of the European Union.
·         The latest S&P / Case-Shiller numbers, reported last week, show that prices in 20 major markets declined 3.5% over the year through February. They're now back to 2002 levels. If we subtract for inflation, they're back to 1998 levels. But consider: After subtracting for inflation, prices are also back to 1986 levels. And 1955 levels. And 1895 levels. That's because the natural rate of price appreciation for houses is zero after inflation. Prices will eventually stop falling. They'll resume rising. But over the long term, they're unlikely to resume rising faster than inflation.
  • Federal Reserve Bank of Richmond President Jeffrey Lacker said the central bank needs to be ready to raise interest rates even if joblessness exceeds 7 percent. Speaking in an interview today at the Bloomberg Washington Summit hosted by Bloomberg Link, he said the Fed will probably have to raise rates in mid-2013. Adding more monetary stimulus now would raise inflation risks without doing much to boost growth, he said. Unemployment “could well be above 7 percent, and I think we have to prepare for that,” Lacker said. “I think it’s a misconception to think we have to get unemployment all the way down to five or some number like that before we raise rates.” Lacker has cast the only dissenting vote at each of the Federal Open Market Committee’s policy meetings this year. He has opposed the Fed’s statement that economic conditions will probably warrant “exceptionally low” levels of the federal funds rate at least through late-2014.
  • All 10 of the main industry groups in the S&P 500 advanced after growth in American factory output unexpectedly accelerated in April to the fastest pace in almost a year, with the Institute for Supply Management’s index increasing to 54.8 from 53.4 and topping the median economist projection for a drop to 53. The report eased concern that manufacturing is slowing after data from the Federal Reserve Bank of Dallas and the ISM-Chicago trailed estimates yesterday.
  • New orders for U.S. factory goods in March recorded their biggest decline in three years as demand for transportation equipment and a range of other goods slumped, government data showed on Wednesday. The Commerce Department said orders for manufactured goods dropped 1.5 percent after a revised 1.1 percent rise in February. Economists had forecast orders falling 1.6 percent after a previously reported 1.3 percent increase in February.
 
If you are not a currently a client of Walsh Hedging & would like a plan to help you become a better marketer of your grain. Take 5 minutes & send us an email @ info@walshtrading.com or give us a call.
There are… No acreage fees; No management fees; No margin calls!
Our toll free number is 800-993-5449
 
Futures and options trading involves substantial risk. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. In no event should the content of this letter be construed as an express or an implied promise, guarantee, or implication by or from Walsh Trading Inc. that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. The risk of loss in trading commodities can be substantial. You should carefully consider whether such trading is suitable for you in light of your personal circumstances and financial resources. Only risk capital should be used.
 
 
 
 Two Federal Reserve officials warned Tuesday that the U.S. could be heading for a "fiscal cliff" at year's end if mandated tax increases and spending cuts are implemented.

 

Charles Evans of the Chicago Fed called the cliff a "big uncertainty" while Atlanta Fed President Dennis Lockhart said there could be a "financial shock" if markets begin to anticipate that Congress and the White House do little to address this situation.
The expected tax increases and spending cuts were triggered when a congressional "super committee" failed to come up with a way of closing the federal budget deficit.
Both Fed officials spoke during the Milken conference in Los Angeles. Earlier Tuesday, on CNBC, both agreed the slowing U.S. economy is disappointing, but differed on the need for continued stimulus.
"I’d like nothing better than to start raising rates before late 2014 on the strength of a stronger economy," Evans told Squawk on the Street.
Noting there's "tremendous room" for more accommodation, the Chicago Fed chief said that "more liquidity would be helpful. It would ratify the idea that [Fed] policy is going to be accommodative for a very long time to get things going. Look, we might get lucky in the sense that ... the channel opens up and we get a greater lift in the economy."

 

 

Rather than keeping rates low until late 2014, Evans thinks the Fed should use "economic triggers" on which to base accommodation such as keeping low rates if the unemployment rate is above 7.5 percent "unless inflation unexpectedly goes up to a very high level, say 3 percent."
Lockhart is more skeptical and also concerned about triggering higher inflationHe added, "There’s only so much we can do to stimulate loan demand, and to change the risk appetite of the financial system or banks, so I’m not sure that more really active stimulus in the form of quantitative easing for example, would have that much of an effect. But the longer-term costs have to be kept in mind, costs related to inflation expectations, for example.". The Atlanta Fed president said that while the first-quarter GDP and March jobs data were disappointing, "I am a bit reticent to pull the trigger on any action. We have to see how the economy evolves. Pulling a number out of the air is a bit too simplistic."
Both Fed presidents said they know the continued low interest rates are hurting savers.
"We're in a tough situation and the current slow recovery is hurting everybody," said Evans.
Lockhart noted that "we can only have one policy, and that policy is designed to support the recovery. So unfortunately there are winners and losers."
 
 
 
 Walsh Commercial
 
 
 
 
 
 
 
 
 
 
 
 
 
Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions