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Traders moved into currency derivatives markets to hedge against further euro weakness. The euro slipped to its weakest level since May 2020 at $1.1059, down about 2% since the prior Thursday.
This is a routine currency move with no new supply or demand shock for feed commodities, so the effect on dollar-priced grain and meal values is limited.
reuters.comSaikat ChatterjeeMar 2, 2022Not 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.
Hedging demand in derivatives and a drop to $1.1059 signaled further euro weakness during the window.
