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The Federal Open Market Committee kept its benchmark overnight rate in the 5.25%-5.50% range at its July 31 meeting. Officials signaled that a rate cut could come as soon as the September meeting as inflation continues to cool.
Expectations of lower US rates weaken the dollar and support demand for commodities priced in dollars, which can lift grain and oilseed values; a weaker dollar also makes US exports cheaper for foreign buyers.
reuters.comJul 31, 2024After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
After 151 past bullish macro events, Corn moved a median +0.2% over 5 sessions (57% higher; middle half -0.9% to +1.4%), and -0.3% over 20.
After 123 past bullish macro events, Soybeans moved a median +0.3% over 5 sessions (60% higher; middle half -1.0% to +1.8%), and -0.4% 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.
