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Gold hit an all-time high on July 17 as traders grew more confident of a Federal Reserve rate cut in September and the dollar weakened. Spot gold was around $2,455 per ounce after some profit-taking.
Gold's rally reflects broad dollar weakness on rate-cut bets, a macro backdrop that can support dollar-priced grain and oilseed markets but has little direct effect on feed supply.
After 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.
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.