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Corn prices have spiked above $7 per bushel while nearly all commodities rise to multiyear highs together. Lumber is at $1,575 per thousand board feet, nearly five times a year earlier, and crude oil has more than tripled over the past year.
Broad commodity strength driven by macro forces raises feed costs for livestock and ethanol margins, and the rally's durability is uncertain.
dtnpf.comElaine KubMay 5, 2021After 151 past bullish macro events, Corn moved a median +0.2% over 5 sessions (57% higher; middle half -0.9% to +1.4%), and -0.3% over 20.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
