
ECB policymaker Olli Rehn said the central bank may need to cut rates further and should not exclude a larger 50 basis point reduction. He noted tightening financing conditions and that the bank will decide meeting by meeting.
Expectations of further ECB easing tend to pressure the euro lower against the dollar, which affects dollar-priced feed imports into Europe. The effect on feed prices is indirect and secondary.
After 533 past bearish macro events, Euro (USD per EUR) moved a median -0.3% over 5 sessions (33% higher; middle half -1.2% to +0.2%), and -0.5% 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.