Businesses are starting to feel the impact of exchange rate fluctuations.

Not enough comparable past events yet for a historical read.

After 151 past bullish macro events, Corn moved a median +0.2% over 5 sessions (57% higher; middle half -0.9% to +1.4%), and -0.3% over 20.

• Jan 3, 2023How Consumers and Businesses are Reacting to Food Price Inflation - Euromonitor.com-2.2%
• Nov 20, 2018Political angst affecting the exchange rate, says Bank of Mexico - Central Banking-1.1%
• Nov 1, 2019Argentina imposes more money exchange restrictions to defend reserves — MercoPress+0.4%
• Apr 1, 2021Are We Witnessing the Start of a New Commodities Supercycle?+0.1%
• May 10, 2017Rising demand, evolving markets fueling change in feed business+0.3%

After 44 past bullish macro events, Soybean Meal moved a median -0.6% over 5 sessions (34% higher; middle half -1.9% to +0.9%), and -2.9% over 20.

• Nov 1, 2019Argentina imposes more money exchange restrictions to defend reserves — MercoPress+0.4%
• May 10, 2017Rising demand, evolving markets fueling change in feed business+0.9%
• Jun 30, 2022Inflationary pressure poses big challenge to economy-0.8%
• May 16, 2018‘Start selling so dollars come in,’ Argentine soybean farmers are told-1.3%
• Sep 21, 2026Particle: Argentina’s Official Dollar Steady as Parallel Rates Rise to Records+2.1%