By Joe Hoppe

A roundup of key agricultural commodity markets for the week June 10-14 by Dow Jones Newswires in Barcelona.


The macroeconomic mood continues its bearish streak, after Friday's stronger-than-expected U.S. Nonfarm Payroll Data pushed the U.S. dollar higher against key commodity currencies like the Brazilian real, Australian dollar and Canadian dollar.

This week is shaping up to be an important one from a macroeconomic perspective, with U.S. Consumer Price Index inflation data, the monthly World Agricultural Supply and Demand Estimates and a Federal Reserve decision all within the same six-hour window on Wednesday. The CPI print is the Fed's preferred measure of inflation, and if it comes in hotter than expected, the dollar will be driven even higher.

U.S. weather extended forecasts are for warm weather with rains across the Corn Belt, and planting is wrapping up on a positive note with only a few areas of concern. However, elsewhere, Russia is still too dry and Europe too wet for wheat harvests. Traders have shifted focus to Turkey's four-month ban on wheat imports, pressure from a strong U.S. harvest, the strong dollar and bearish June seasonal prices, all of which are pushing down wheat prices, Peak Trading Research analysts said in a note.

Historically, seasonal prices are strongly bearish for grain and oilseed markets from June 8 onwards, and now is usually a very profitable time to short sell grain futures, Peak Trading Research said.

Friday's Commitment of Traders report indicated hedge funds liquidated their long positions and added new shorts across corn, cotton, oilseeds and meats, driven by better U.S. weather forecasts, planting wrapping up with good ground moisture, bearish seasonal prices, soft energy prices and a weak Brazilian real.

Chicago wheat futures are down 2.35% at $6.13 a bushel on Monday, while corn is up 0.6% at $4.24 a bushel. Soybean prices are 0.5% higher at $11.85 a bushel.


Cocoa prices fell over the last week, consolidating around the $8,900 a ton mark. The crop had previously been making up ground since its all-time high of $11,722 a metric ton on April 19 was followed by a price crash, sparked by a steep rise in margins.

Following the swift exit of traders, the lack of liquidity in the cocoa market has left it susceptible to bouts of short-run volatility, said BMI Research, a unit of Fitch Solutions. The crop has more-than-doubled in price since the start of the year on supply-side challenges in West Africa, where 70% of global cocoa is produced.

Sugar prices gained over the last week, though prices remain depressed on-year on strong Brazilian exports that continue to reach record monthly volumes. Preliminary forecasts for the Indian monsoon indicate a potential for improved India sugar output in the season ending in 2025, BMI Research said.

Cocoa is down 0.7% at $8,852 a ton, while sugar is 1.1% lower at 18.8 U.S. cents a pound on Monday. Coffee is down 1% at $2.23 a pound.

Write to Joe Hoppe at

(END) Dow Jones Newswires

06-10-24 1247ET