According to the information available, it has been indicated that Chicago rough rice futures for May delivery settled 12 cents were cwt (about $3 per ton) higher at $10.345 per cwt (about $230 per ton). While, the other grains finished the day with mixed results; Soybeans closed unchanged at $8.9575 per bushel; wheat finished about 0.6% higher at $4.7875 per bushel, and corn finished the day about 1% higher at $3.6875 per bushel. Further, the U.S. stocks traded mostly higher on Monday, shaking off a decline in oil prices ahead of the Federal Reserve’s meeting later in the week. The major averages opened slightly lower and crept higher throughout the day.
As per sources, the major data for the week include retail sales due on Tuesday, ahead of the highly anticipated Fed meeting statement and press conference scheduled for Wednesday. It has been revealed that there is not any move on rates is expected, but policymaker commentary will be scrutinized for indications on the path of tightening. Oil extended losses as hopes of a coordinated production freeze faded. Further, the Iranian News Agency Shana quoted that Russian Energy Minister Alexander Novak saying that the Russia accepts Iranian rights to increase oil output post sanctions. Over the weekend, Iran Oil Minister Bijan Zanganeh told that the country would join discussions among other producers about a possible oil production freeze after its own output reached four million barrels per day, as it has been reported in a Reuter’s article citing Iran’s ISNA news agency.