Weekly Commodity Snapshot
Our overview for wheat, corn, soybean, sugar, and coffee prices, published weekly.
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- The S&P GS Ag Commodity Index fell -2.7% last week, to its lowest since 2008, bringing losses to -9% YTD, in the face of US-China trade war escalation and ASF-related demand losses. Non-Commercials have reached a new record net short in agri commodities, of -802,165 lots.
- Hopes were crushed for a Chinese demand-driven rally in CBOT Corn, as plantings continued to be well behind the five-year average.
- The CBOT Soy complex fell sharply, and soybeans drove below USD 8/bu, to near 11-year lows amid an escalation in trade wars and African swine fever killing export demand expectations. Meanwhile, US acreage prospects are rising due to ongoing wet US weather, and they could drive carry-out well above 1bn bu.
- ICE Cotton fell 11.5%, on larger-than-expected US output and as a trade war escalation limits Chinese demand.
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