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Latest From John Buckley
Rapeseed futures markets were heading back to or below the bottom of their tight 2019 ranges to date, moving mainly with competing veg-oils and currency markets.
Palm oil prices ricocheted from seven-month highs to three-week lows as supportive origin data was blunted by ongoing concerns about forward demand.
The CBOT market’s muted reaction to last week’s 8 million tonne cut in the USDA’s world soybean production forecast might beg the question, how have prices been able to stay over USD9/bushel before that supportive input?
Hotly-anticipated yet soon faded, last week’s delayed USDA data blitz seems to have been mostly pre-empted by earlier trade and private analyst reports, leaving CBOT futures at the low end of 2019’s tight range.
While corn and soybeans remain fixated on hopes of windfall China trade, wheat has been marching to its own tune.
Who would have thought, a few seasons back, that the sugar market would behave with such restraint to an estimated year-to-date drop of over a quarter in this season’s production by top supplier Brazil, as reported by local industry body Unica this week?