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Michael Magdovitz
Verified
Senior Agricultural Commodities Analyst, RaboResearch Agri Commodities
Beats
& Non-Profits., Film EU,Politics Ukraine, Human Interest Music
Content
By Carlos Mera, Michael Magdovitz, Paul Joules| research.rabobank.com@ The S&P GSCI Agriculture Index declined an astonishing 9.6% MOM, with steep losses across the grain and oilseed complex. Northern Hemisphere harvest pressure, US dollar strength (DXY +1.4% MOM), US-China trade war winds, and signs that Russian wheat yields may not be as bad as initially thought explain recent price action. However, risks still remain, especially since Black Sea rainfall continues to be patchy and La Niña waits around the corner. For softs, price action was mixed.
By Carlos Mera, Michael Magdovitz, Paul Joules| research.rabobank.com@ The S&P GSCI Agriculture Index increased 1.6% last month. Grain & oilseed prices found strong support as CBOT Wheat (+17%), Soybeans (+5.7%), and Corn (4.8%) all recorded month-on-month gains. Wheat futures are rallying off of dry Black Sea weather, which is curbing yield potential for the world’s cheapest suppliers. Meanwhile, production issues are also prominent for corn in Argentina, Ukraine, and the US (given acreage cuts).
By Carlos Mera, Michael Magdovitz, Paul Joules| research.rabobank.com@ The S&P GSCI Agriculture Index declined an astonishing 9.6% MOM, with steep losses across the grain and oilseed complex. Northern Hemisphere harvest pressure, US dollar strength (DXY +1.4% MOM), US-China trade war winds, and signs that Russian wheat yields may not be as bad as initially thought explain recent price action. However, risks still remain, especially since Black Sea rainfall continues to be patchy and La Niña waits around the corner. For softs, price action was mixed.
Company Info
RaboResearch Agri Commodities
Utrecht, Utrecht, Netherlands
+31 88 722 6600