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Wheat futures rose more than 2% in U.S. trade as the dollar index fell to its lowest level since May 6. Stronger U.S. JOLTS job openings data and Fed Chair Yellen's comments on a possible near-term rate hike were also reported.
A weaker dollar makes U.S. wheat cheaper for overseas buyers, supporting export demand and prices.
economies.comRami HaddadJun 8, 2016After 57 past bullish macro events, Wheat (SRW) moved a median +0.3% over 5 sessions (65% higher; middle half -0.5% to +1.7%), and -0.7% over 20.
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.
