
The dollar rose to its highest level in months after a hawkish shift in the Federal Reserve's June 2021 statement, with its biggest two-day gain against major currencies in 15 months. Bears who had positioned against the dollar were forced to unwind trades.
A stronger dollar makes US-priced feed ingredients more expensive for importers and tends to pressure dollar-denominated grain and meal prices, while supporting demand for US-dollar yield.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% over 20.
After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), 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.