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Agri Commodity Markets Research Outlook 2023: Tightening the Belt

  • Agri Commodities
16 November 2022

Agricultural commodities reached record nominal prices in May 2022, on the back of adverse weather, falling stockpiles, the war in Ukraine, the container shortage and various protectionist measures restricting food commodity exports. Between May and October, prices dropped 18% due to the USD strength, weak demand, a better container shipping situation, the temporary establishment of the Black Sea grain corridor and select bumper harvests. Presently, there are growing expectations for Brazil’s upcoming harvests of soy, sugar and coffee, as La Niña wanes and the wet season there has begun in a timely manner. Still, prices of agricultural commodities remain high, at about 50% higher than pre-pandemic levels, which is when we last saw some sense of ‘normalcy’ in agricultural markets.

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