Weekly Commodity Snapshot

Report highlights

• The S&P GSCI Agriculture Index rose 0.25% last week. Despite overall market weakness in light of the probable default by Evergrande, ags were mixed overall, but appeared to take the volatility in their stride.

• CBOT Wheat prices rose 1.4% last week, seeing good support above  USc 700/bu, led by good demand from importers. US export sales for 2021/22 picked up to 617,000 metric tons. 

• CBOT Corn saw a brief breakout attempt above USD 5.25/bu, but failed last week as US harvest progressed and concerns mounted around the key US export window. 

• CBOT Soybeans continued to lose traction below USD 13.00/bu, as the market’s attention shifted from supply to demand and revealed woefully inadequate US 2021/22 export sales and crush pace.

Where to go from here

• Agri Commodity Outlook 2021: Bull Waves Don’t Break
• July WASDE: Give or Take
• Agri Commodity Markets Sector Team
• Home