Analyst Insights

• Drought for UK winter crops unlikely.
• But cool and wet weather increases disease risk.
• All crops now planted except 4ha of sunflower.

• Big progress in US corn planting.
• China cancels corn purchases again.
• Black Sea Corridor extended.

• We recently presented a webinar on why sugar prices have strengthened so much in 2023.
• The webinar also covers our forward view for the sugar markets, and a Q&A at the end.
• Click here to watch the webinar recording on demand.

Featuring 8 key futures markets that combined add up to more than 50% of the entire weighting of the Bloomberg Commodity Index (23 markets total) and augmented by analysis of the Bloomberg Index and the US Dollar Index, this report offers the preeminent heavyweight commodity sector portfolio.

• Raw and refined sugar futures prices have traded sideways over the past week.
• Futures positioning was broadly unchanged.
• Q/N sugar white premiums have strengthened, standing at 141USD/mt.

• Increased polyester operating rates provide PTA and MEG markets with near-term support.
• Recent fall in PET prices stimulate fresh demand as bottle-grade PET resin sales improve.
• Raw material forward curve continues to show downward trend through Q3’23.

• Nola urea prices also fell this week.
• Potash prices in Brazil the lowest in two years.
• Ammonia prices stabilize with Middle East at around USD 250 FOB.

• El Nino typically causes warmer weather in Centre-South Brazil.
• It can also lead to higher rainfall, potentially disrupting cane crushing.
• We look at what happened during the last El Nino.

Grain production in Brazil is now responsible for more than 50% of national agribusiness. It’s therefore essential in the economy. Corn is the second most important crop in agricultural production in Brazil, behind soybeans.