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The S&P 500 rose 1.6% to extend a five-session winning streak, but risk assets saw profit-taking in Asia and Europe. The dollar firmed against major currencies after falling sharply against the yuan the previous day, and WTI crude was testing support near $40 a barrel.
A firmer dollar and weaker crude both reduce commodity price support, and lower oil lowers biofuel-linked demand for soybean oil and corn. The overall effect is a modest bearish tilt for feed-related markets.
nasdaq.comMarc ChandlerJul 7, 2020Not enough comparable past events yet for a historical read.
Not 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.
