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Lockdowns cut fuel demand and ethanol grind, disrupt meatpacking and trigger a broad commodity selloff.
WikipediaAfter 541 past macro events, Corn moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.4%), and -0.1% over 20.
After 1,159 past macro events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (50% higher; middle half -3.7% to +3.5%), and +0.7% over 20.
After 84 past macro events, Live Cattle moved a median -0.5% over 5 sessions (39% higher; middle half -2.1% to +0.8%), and +0.6% over 20.
After 37 past macro events, Lean Hogs moved a median -0.4% over 5 sessions (46% higher; middle half -2.2% to +2.4%), and +0.0% 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.
Pandemic declaration and spreading lockdowns in the week of March 16-20 collapsed expected fuel demand, driving the extreme WTI selloff.
The WHO pandemic declaration on 2020-03-11 intensified global risk-off sentiment and a scramble for dollar liquidity, driving safe-haven and funding demand that lifted the broad dollar sharply on March 12.
The WHO pandemic declaration intensified global risk-off sentiment and a scramble for dollar liquidity, driving a safe-haven surge in the broad US dollar during the March 2020 funding stress.
Pandemic declaration and spreading lockdowns in the week of March 16-20 collapsed expected fuel demand, driving the extreme WTI selloff.
The pandemic declaration and the lockdowns that followed cut gasoline demand and ethanol grind, a major corn demand channel, and set off a broad risk-off commodity selloff during the window.
The pandemic declaration and the lockdowns that followed cut gasoline demand and ethanol grind, a major corn demand channel, and set off a broad risk-off commodity selloff during the window.
