Weekly commodity snapshot

Our overview for wheat, corn, and soy, published weekly.

picture of corn field

Report highlights

The S&P GSCI Agriculture Index dropped 1.1% WOW. G&O markets led the decline as strong US crop conditions, an excellent start to the US winter wheat harvest, and demand-side concerns sent prices lower. In contrast, softs found support as production concerns in Brazil (sugar) and West Africa (cocoa) helped push prices higher.

CBOT Wheat futures declined 5% WOW to finish at USc 599/bu. Meanwhile, Matif declined 4% WOW to finish around EUR 229/metric ton. Harvest pressure plus demand headwinds more than offset ongoing Black Sea weather issues. The winter wheat harvest made excellent progress last week. It is now estimated to be 27% complete (vs. the five-year average of 9% for this week of the year).

What’s bullish about soy? Stockpiles are set to rise for a second consecutive year in the US (+30% YOY) and the world (+15% YOY) as G&O farmers crowd into one of their remaining moneymaking crops.

CBOT Corn was unchanged last week at USD 4.67/bu as markets evaluated uninspiring prices and the intense heat over the central and eastern US Corn Belt. There is very little yield risk at the moment in the US, given ample soil moisture and the crop’s stage of growth.

  • Carlos Mera

    Head of Agri Commodities Markets
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  • Michael Magdovitz

    Senior Commodity Analyst
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  • Paul Joules

    Commodities Analyst
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