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Brazil's currency dropped against the dollar on Monday after supporters of Jair Bolsonaro stormed government buildings in the capital, with at least 1,200 protesters detained. The dollar rose as much as 1.6% to 5.308 reals before paring gains to 0.6%.
Political unrest weakening the real improves the export competitiveness of Brazilian soybeans and corn, which can pressure global feed grain and meal prices.
markets.businessinsider.comCarla MozéeJan 9, 2023After 301 past bullish macro events, Brazilian Real (BRL per USD) moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.7%), and +1.0% over 20.
After 117 past bearish macro events, Soybean Meal moved a median -0.6% over 5 sessions (41% higher; middle half -2.5% to +1.7%), 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.
