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Materials Up as Traders Digest Fed Meeting Minutes -- Materials Roundup

08/18/2022 | 04:54pm EDT

Producers of metals and other raw materials ticked up as traders digested the minutes of the Federal Reserve's latest meeting.

There were mixed messages from the Fed, with the focus still on inflation risks, but an acknowledgment that rate raises had to be weighed carefully, said one brokerage.

"The FOMC continues to see fighting inflation as a priority," said strategists at brokerage UBS.

"The minutes note rising concern that the [Fed] may over-tighten too."

The dollar rose sharply against other currencies as investors positioned themselves for more major rate hikes.

The stronger greenback weighed on the price of gold, grains and other commodities.

Wheat futures fell sharply as Ukrainian, Turkish and United Nations officials met to discuss progress reopening export routes on the Black Sea.

Meat processor Tyson Foods plans a $200 million outlay to expand and upgrade operations at its Amarillo, Texas beef plant, one of the largest in the U.S.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

08-18-22 1653ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.62% 0.63974 Delayed Quote.-10.87%
BRITISH POUND / US DOLLAR (GBP/USD) -0.39% 1.06869 Delayed Quote.-20.44%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.41% 0.7256 Delayed Quote.0.00%
EURO / US DOLLAR (EUR/USD) -0.30% 0.95695 Delayed Quote.-15.60%
FEEDER CATTLE FUTURE (GF) - CMG/C1 -0.72% 175.6 End-of-day quote.5.99%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.20% 0.012214 Delayed Quote.-8.75%
LIVE CATTLE FUTURE (LE) - CMG/C1 0.09% 143.6 End-of-day quote.2.77%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.54% 0.56003 Delayed Quote.-17.14%
TYSON FOODS, INC. -0.57% 68.56 Delayed Quote.-21.34%
WHEAT FUTURES (ZW) - CBE (ELECTRONIC)/C1 1.52% 871 End-of-day quote.11.32%
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