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Westpac analyst Sean Callow said the yuan has decoupled from the broader market, with CNY and CNH the strongest regional currencies over the week. He noted USD/CNY broke below 6.60 while the 12-month NDF sits at 6.75.
Currency moves in the yuan affect the cost of Chinese feed imports and the profitability of crushing and feed demand, so persistent yuan strength is a mild bearish factor for dollar-denominated feed prices.
octaafrica.netAug 31, 2017After 362 past bearish macro events, USDCNY moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% 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.
