Weekly Commodity Snapshot

Report highlights

CBOT Wheat has set the strongest weekly gain in seven months and is up 7% from the lows posted last week due to short covering and the cold, snowy weather in US Northern Plains. Wheat prices will probably stay volatile in the coming weeks. Matif is up 4% from last week’s lows.

CBOT Corn gained 2% WOW, following wheat higher. December corn is now back in the range it was trading since October. The latest heavy storm across the US brought more unwanted moisture. The US now needs warmer and dryer conditions across the corn belt to allow for all corn acres to be planted. Forecasts call for some showers in the next two weeks and night temperatures to stay fairly low at least for this week.

Raw sugar increased 4% WOW, in part helped by a minor recovery in the BRL (up by 0.5% versus the USD) and Brent Crude prices going up by 1.3% WOW.