
Producers of metals, grains and other raw materials fell sharply as fears of Federal Reserve rate hikes mounted. The U.S. dollar hit another 52-week high against major peers, and gold futures dropped $113.60 (2.9%) to $3,878.40 an ounce, their lowest settlement in more than a year.
A stronger dollar and expectations of tighter US monetary policy weigh on dollar-denominated commodity prices, which can pressure grain and feed ingredient values and make US exports less competitive abroad.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% over 20.
After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% 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.