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The Bank of Canada held its overnight rate target at 1.75 per cent on April 24, 2019, and cut its outlook for global and Canadian growth. The bank cited trade conflicts as undermining business sentiment and said growth should pick up from the second quarter.
A slower Canadian growth outlook and steady rates weaken the loonie and signal softer domestic demand for meat and dairy, a modest bearish factor for feed demand in Canada.
bankofcanada.caMedia RelationsApr 24, 2019Not enough comparable past events yet for a historical read.
After 49 past bearish macro events, Milk (Class III) moved a median -0.6% over 5 sessions (33% higher; middle half -8.5% to +0.6%), and -7.5% 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.
