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Latest From John Buckley
The tightening range Winnipeg canola futures have been trading in this month suggests the market has absorbed most this season’s known supply shocks.
Ideas that Malaysia’s August palm oil production will fall short of expectations helped prices on the Bursa futures market struggle off an earlier dip caused by fears the country’s strengthening ringgit currency was hampering export sales.
A larger than expected Ivorian cocoa crop combined with growing global economic gloom to push New York futures down to five-month lows this week, almost 15% below their June highs.
Trade chatter that the next (2020) Brazilian crop might have been damaged more than thought by recent cold weather combined with a bounce in the country’s currency to lift values off the three-month lows seen earlier this week.
Changeable US weather reports have kept soy values in erratic, mostly range-bound mode in the past week at levels surprisingly close to those seen this time last year – before the full extent of current surplus was clear.
Plummeting corn values have slowed US farmer selling and encouraged some key importers like South Korea and Mexico to take on a bit more stock recently, but the frequently moribund export market may need to wake up more to stem the price decline, analysts say.