Prices 16/12/16

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Even with the US Fed announcing that US interest rates are likely to rise at a faster rate in 2017 we still only managed a slight drop in the value of the dollar against the greenback. After initially falling away strong jobs data our of Australian stemmed losses and saw the AUD rally back to close to where it had originally started the session.
Hopefully with the US Fed now expecting to see an additional three rate hikes in 2017 we may see more pressure exerted on the AUD in the mid to long term but many punters are tipping the Aussie to stabilise around this value against the US dollar.
The AUD was sharply lower against the Indian Rupee overnight.

In the US grain futures were generally lower on the back of the stronger US dollar. Corn and higher protein wheat seemed to fair the best with the later still being influenced by small world stocks and corn enjoying good domestic US demand for ethanol production.

Both ICE canola futures and Paris rapeseed broke away from soybean futures and traded higher. Paris rapeseed closed up €5.50 / tonne on the nearby contract at €419.75 / tonne. With the weaker dollar and stronger closes at both the ICE and Paris it would be disappointing to not see some upside in local values today.

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