
Precious metals fell to a one-year low after the Federal Reserve held rates at 3.75-4.00% and signalled further tightening was possible. Strong US growth and elevated core PCE revived expectations of a December rate hike, and tech stock selling triggered margin-related liquidation.
Higher-for-longer US rates strengthen the dollar and raise financing costs for commodity holders, which tends to soften dollar-priced commodity prices including feed inputs.
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.