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The futures market on Wednesday saw one Fed rate cut before Election Day, probably in September.

The futures market now sees two Fed rate cuts this year, the first most likely coming in September.

The futures market on Monday was penciling in as many as two rate cuts this year, with the first coming in September.

But for this to work effectively, we need a combination of factors in place: a well-functioning competitive commodity market, a modern infrastructure with extensive transport networks, sufficient food storage capacity and a liquid futures market.

Investors in the futures market had expected the Fed to cut rates up to six times this year, but have recently come around to the central bank’s view that only three cuts are more likely.