Weekly Commodity Snapshot

Report highlights

- The S&P GSCI Agriculture Index rose 1.1% last week, as the bulls continue to feast on ags. The week before, Non-Commercials extended their net long position to a record for the second consecutive week beyond 1,000,000 lots across ags ahead of today’s myriad of US agriculture reports.

- CBOT Corn’s upward trajectory showed signs of stalling this week, amid political resolutions and improved rainfall forecasts across South America.

- The Soybean complex’s ride to the sky has not stopped, with CBOT soy (+5.2%), Soy Oil (+0.5%) and Soymeal (+6%) propped up on scarcity concerns.

- ICE #11 Raw Sugar remained neutral WOW, despite the depreciation in the BRL/USD to 5.5 – a level not seen since November.

Where to go from here

• Agri Commodity Outlook 2021: Bull Waves Don’t Break
• USDA WASDE – A Close Shave With Dearth
• Agri Commodity Markets Sector Team
• Home