The US$ crashed yesterday afternoon to its biggest daily loss since 2009. The US Central Bank decided to remain dovish in its assessment of the US economic outlook and when they would normalize US interest rates. The chart below reflects that huge range of yesterday’s €uro trade with US$ crashing in late afternoon dealings. We would expect that the sharp drop in the value of the US$ would spur active short covering in a host of commodity markets –including the ags. The close proximity of the month and quarter end could cause additional liquidation of long US dollar holdings. We maintains a view for a bounce in the ag markets with new sales opportunities arriving by early April. The US$ has enjoyed a big bull run, some correction is inevitable as the long US$ is a crowded trade.