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Options traders are hedging against yen strength, based on risk reversal skews, as the yen has gained about 1% year-to-date on a spot basis. Higher U.S. bond yields typically weigh on the currency, but that headwind appears to have eased somewhat.
A firmer yen against the dollar lowers the dollar cost of yen-denominated purchases and shifts the currency backdrop for feed importers in Japan; the effect on grain and meal prices is marginal.
bloomberg.comPayne LubbersJan 24, 2022Not 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.
