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The Bank of Canada raised its benchmark rate by 25 basis points to 4.75%, its first hike after a five-month pause and the highest level in 22 years. The central bank dropped language saying it remained prepared to raise rates further, leaving the next move more open-ended.
Markets were already pricing in a possible July increase.
Tighter Canadian policy supports the loonie and can dampen domestic demand, which marginally affects Canadian feed and livestock costs. The effect on grain and meal prices is indirect.
reuters.comSteve SchererJun 7, 2023Not 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.
