Weekly Commodity Snapshot
Our overview for wheat, corn, soybeans, sugar, and coffee prices, published weekly.
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The S&P GSCI Agriculture Index rose 3.1% WOW. Agricultural commodity markets have traded with high volatility this week. News broke over the weekend that Russia terminated the grain deal, yet today there seems to be an agreement to continue it.
CBOT Soy rose 3% last week, breaking through its 50- and 100-day moving averages to hit USD 14.40/bu. The move was buoyed largely by CBOT Soy Oil (+10% MOM), strong US soybean/meal demand, and BRL appreciation following the election.
CBOT Wheat gained 2% this week, initially buoyed by Russia’s decision to suspend the grain deal (before agreeing to resume it) and by drought conditions in the US and Argentina.
Arabica recorded the largest weekly decline among agri commodities this week, dropping 5.6% WOW, even though ICE certified stocks slipped further, from 673,000 bags down to 385,000 bags.