Grain Futures Rise Ahead of Federal Reserve Decision

Grain futures inched higher overnight as traders await the Federal Reserve's interest rate decision later today. December corn rose by 3/4 cent, while November soybeans gained 10 1/4 cents.

The surging soybean meal market led to increased prices for soybeans, which reached a 2.5-year high of $1.60 per ton. Meanwhile, December SRW and HRW wheat futures each rose by 2 1/2 cents.

Markets are anticipating a 25-basis-point rate hike from the Fed, which would bring the target range for the federal funds rate to 3.75%-4.00%. This decision comes as inflation remains above target and energy prices continue to weigh on the outlook.