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The Federal Reserve raised its benchmark rate by a quarter point on July 26 to a 5.25%-5.50% range, its 11th hike in 12 meetings. Chair Powell said more slowing was needed and left the door open to another increase.
Higher US borrowing costs strengthen the dollar and raise financing costs for feed and grain traders, a mild headwind for dollar-denominated commodity prices.
ca.finance.yahoo.comJul 26, 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.
