# 4 June 2019 | Minutes of the Monetary Policy Meeting of the Board | RBA

> The Reserve Bank of Australia minutes from its 4 June 2019 meeting describe mixed global data, weak global trade and manufacturing, and slowing industrial production. The board noted that the US-China dispute escalated in May, with the US raising tariffs from 10% to 25% on $200 billion of Chinese imports and China retaliating on $60 billion of US goods.

- Date: 2019-06-04 · published 2019-06-04T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11310-4-june-2019-minutes-of-the-monetary-policy-meeting-of-the-board-rba
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Weak global trade and escalating tariffs reduce export demand for commodities and feed ingredients, which is bearish for trade-exposed prices. Tariff retaliation also disrupts US-China grain and oilseed flows.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- USDCNY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2018-11-22 | [Account of the monetary policy meeting](https://feedsoft.ai/events/62238-account-of-the-monetary-policy-meeting.md) | +0.5% | +0.2% |
| SOY | 2022-06-23 | [Jerome H Powell: Semiannual Monetary Policy Report to the Congress](https://feedsoft.ai/events/40849-jerome-h-powell-semiannual-monetary-policy-report-to-the-congress.md) | +1.3% | -14.2% |
| SOY | 2023-01-17 | [China's 2022 economic growth one of the worst on record, post-pandemic policy faces test \| Reuters](https://feedsoft.ai/events/37986-china-s-2022-economic-growth-one-of-the-worst-on-record-post-pandemic-policy.md) | -3.1% | +0.3% |
| SOY | 2022-06-15 | [Ahead of the Open \| June 15, 2022 - Pro Farmer](https://feedsoft.ai/events/7221-ahead-of-the-open-june-15-2022-pro-farmer.md) | -2.7% | -5.2% |
| SOY | 2018-05-24 | [Most FOMC participants say they may raise rates ‘soon’, minutes show - Central Banking](https://feedsoft.ai/events/64945-most-fomc-participants-say-they-may-raise-rates-soon-minutes-show-central.md) | -2.0% | -15.3% |
| CORN | 2018-11-22 | [Account of the monetary policy meeting](https://feedsoft.ai/events/62238-account-of-the-monetary-policy-meeting.md) | -0.4% | +8.4% |
| CORN | 2022-06-23 | [Jerome H Powell: Semiannual Monetary Policy Report to the Congress](https://feedsoft.ai/events/40849-jerome-h-powell-semiannual-monetary-policy-report-to-the-congress.md) | +1.6% | -10.7% |
| CORN | 2023-01-17 | [China's 2022 economic growth one of the worst on record, post-pandemic policy faces test \| Reuters](https://feedsoft.ai/events/37986-china-s-2022-economic-growth-one-of-the-worst-on-record-post-pandemic-policy.md) | -1.8% | +0.1% |

## Sources

- rba.gov.au: https://www.rba.gov.au/monetary-policy/rba-board-minutes/2019/2019-06-04.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.