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The Bank of Canada cut its benchmark interest rate on June 5, becoming the first G7 central bank to ease policy after holding at 5% for nearly a year. Governor Macklem said future cuts would be gradual and data-dependent, and rates would settle above pre-pandemic levels.
The bank also said it could not diverge too far from the Federal Reserve.
Lower Canadian rates tend to weaken the loonie, which can make Canadian exports cheaper and marginally support canola and barley trade flows. The effect on feed prices is indirect.
reuters.comPromit MukherjeeJun 5, 2024Not enough comparable past events yet for a historical read.
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.
