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Sterling fell to a three-week low below $1.38 on March 5, after Fed Chair Powell failed to calm concerns about rising US borrowing costs. The safe-haven dollar strengthened as US bond yields rose.
Sterling had reached $1.42 in February, its highest since 2018.
A stronger dollar driven by US yields raises the cost of dollar-priced grains and feed ingredients for importers outside the US. The move is a currency story with little direct supply impact.
brecorder.comReutersMar 5, 2021Not 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.
