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The dollar was on track for its biggest quarterly gain in a year and an 11th consecutive weekly gain on Friday. Investors priced in a still-solid US economy and interest rates staying higher for longer after the Federal Reserve warned it may hike again.
A stronger dollar makes US-priced grains and meal less competitive for foreign buyers and tends to pressure dollar-denominated feed commodity prices, while weakening importer currencies raise local feed costs.
reuters.comKaren BrettellSep 29, 2023After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% over 20.
After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), 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.
