Weekly commodity snapshot

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

picture of corn field

Report highlights

The S&P GSCI Agriculture Index declined 2% WOW. Favorable weather across South America, demand question marks, and the recent US dollar rally have pushed speculators into a record net short position across grains. Looking forward, any bullish signals may lead to some short covering. For softs, ICE #11 Sugar and ICE Coffee both slipped week-on-week with Brazilian rainfall in focus.

CBOT Corn weakened another 2.2% last week to reach three-year lows near the psychologically important USD 4/bushel level. USDA’s below-expectations acreage estimate failed to offset the bearish impact of crumbling wheat prices and heavy rainfall across Brazil. Speculative bearish corn bets hit a record, and tumbling prices should encourage farmers to cut acreage further in the 2024/25 season.

CBOT Wheat declined 3.4% WOW to finish at USc 580/bushel. Meanwhile, Matif slipped 3.3% WOW to finish around EUR 199/mt. Global wheat futures slipped sharply lower across the board with question marks surrounding potential demand.

ICE #11 Sugar is down by 2.7% WOW, with the Brazilian real and Brent marginally higher. Even though there were some showers over the Brazilian sugar belt over the last week, the concern is very much still present. The two-week forecast is looking relatively wet (and very wet in some regions), facilitating some market downside.

  • 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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