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European feed raw material prices are rising, with the euro weakening below 1.10 dollars making overseas purchases costlier. Soybean prices came under pressure amid coronavirus fears for China's economy, while rapeseed meal and sunflower meal are tight and corn and barley relatively cheap.
Wheat prices have risen sharply in Europe on strong exports.
A weaker euro raises the euro cost of imported protein meals and grains, squeezing European feed buyers. Tight rapeseed and sunflower meal supply supports those meal prices, while cheap corn and barley offer substitution value.
tridge.comAgriSep 25, 2020After 57 past bullish macro events, WHEAT moved a median +0.3% over 5 sessions (65% higher; middle half -0.5% to +1.7%), and -0.7% over 20.
After 78 past neutral macro events, CORN moved a median +0.3% over 5 sessions (55% higher; middle half -1.1% to +1.6%), and -0.6% over 20.
After 44 past bullish macro events, SBM moved a median -0.6% over 5 sessions (34% higher; middle half -1.9% to +0.9%), and -2.9% over 20.
Not 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.
