Friendly Macros Favour Ags as Plantings Approach
Adverse weather and less threatening macros pushed agri markets off the lows in March, driving the S&P Agri Index to a three-month high ahead of US plantings. The tempered US dollar, stronger crude oil prices and an appreciation of the Brazilian real continue to provide support - particularly for the softs. The USDA’s 31/3 Stocks and Prospective Plantings reports is the next point of volatility.