
Democrats' apparent control of both US chambers is expected to limit Trump's fiscal expansion, reducing pressure on US Treasury yields and the dollar. The US 10-year yield fell 6 basis points to 4.90% and the DXY dropped 0.2% on election day, and markets expect the Bank of Korea to raise its rate to 3.25% on November 26.
Lower US yields and a softer dollar tend to support dollar-priced agricultural commodities and ease import costs for Asian feed buyers. The effect on feed prices is modest and mainly through currency channels.
After 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.