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Democrats won both the House and Senate in the US midterm elections, with large margins and wins in key governor races. Short-dated US rates and the dollar weakened, and tech-heavy equities briefly fell on fears that a Democratic Congress would slow AI data-centre investment before recovering most of the losses.
A weaker dollar lifts dollar-priced grains and oilseeds for non-US buyers, while a slower AI capex outlook could weigh on US growth expectations. The effect on feed prices is indirect and modest.
think.ing.comChris Turner, Frantisek Taborsky, Francesco PesoleNov 4, 2026After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), 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.
