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The dollar fell across the board after the FOMC held rates steady, then rebounded on Middle East tensions. Markets priced about a 75% chance of a September hike, and attention moved to the BoE and BoJ decisions.
Shifting rate expectations between the Fed, BoE and BoJ move currency crosses that affect dollar-denominated grain and oilseed prices. The rebound limits the net impact on commodities.
After 359 past neutral macro events, US Dollar (Broad) moved a median -0.0% over 5 sessions (49% higher; middle half -0.4% to +0.4%), and -0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.