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Wheat futures rose over 1% in U.S. trade as the dollar fell to one-month lows after weaker-than-expected nonfarm payrolls of 38,000. The unemployment rate fell to 4.7%, and the trade deficit widened.
The softer dollar supports wheat by making U.S. exports more competitive, while weak payrolls data feed rate-cut expectations.
economies.comRami HaddadJun 3, 2016After 57 past bullish macro events, WHEAT 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, DXY 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.
Weak May payrolls on 3 June pushed the dollar to one-month lows, supporting wheat export competitiveness and likely carrying momentum into the following session.
