Weekly Commodity Snapshot
Our overview for wheat, corn, soybean, & coffee prices, published weekly.
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- The S&P GS Agriculture Index rose 1.5% last week as CBOT soybeans continued their upward trajectory on continued Chinese buying, despite falling energy prices (Brent Crude down -5% WOW). Lean hogs rose an impressive 8.4%, as China blocks German exports on ASF concerns.
- ICE Arabica fell -9.4% WOW. First, a few thousand bags showed at the grading room, but then the weather forecast for the South of Minas turned wetter, and now we expect rains over the weekend and beyond.
- CBOT Soybeans rose 2.3% WOW to briefly eclipse USD 10/bu – the highest level since the trade war began. The parabolic recovery stems from the rapid pace of Chinese buying of US soy (and corn and pork) products, US yield cuts, and recent statements in favor of stockpiling goods. The key question is whether Chinese buying will slow in October/November in anticipation of the Brazilian harvest.