Weekly Commodity Snapshot
Our overview for wheat, corn, soybean, sugar, and coffee prices, published weekly.
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- The S&P GS Agriculture Index was mostly unchanged WOW, as the trade deal signing failed to provide any new information, shifting the market focus away from potentially Chinese purchases and back to current market fundamentals.
- ICE NY Cocoa rose 8.3% WOW, on better-than-expected Q4 2019 demand, as Asian grindings came in above average analyst estimates.
- The CBOT Soybean Complex was down -1% to -3% last week, as the trade deal signing failed to provide confirmation of specific soybean purchases. Although Soybeans are expected to make up a significant portion of China’s US agricultural purchases, traders remain sceptical.
- ICE #11 Sugar rose 4.5% WOW, due to increasing concerns over the 2019/20 deficit, with the market focus on India’s delayed output.
- Wheat rose 2% WOW, on strong export demand and tightening stocks