Big U.S. harvests, near-perfect weather for planting in Brazil and signs of slowing purchases by top buyer China are bolstering supplies of two of the top globally traded commodities: soy and corn.
The rising stocks indicate that prices for those key crops, as well as for other staples such as sugar and coffee, may have peaked after the surge sparked by the onset of the pandemic, farmers, brokers and analysts said.
But with the northwestern United States and Canada still reeling from a historic drought and dry weather potentially continuing there due to the La Niña climate phenomenon, prices of oats, wheat and canola are poised to remain high, meaning food inflation is far from over. Wheat futures recently surged to a nine-year top.
China was set to import 20 million tonnes of corn in the 2021/22 year, down from 29 million tonnes in 2020/21, an analyst from a Chinese government institute said in late September. Montesanto Tavares Group, a large coffee producer and processor in Brazil, expects a near-record crop in 2022.Benchmark sugar prices on the ICE exchange touched a 4-1/2-year peak on Oct. 11 amid signs of renewed demand from China in a period when Brazil production data confirmed a dismal crop in the world’s top grower after a harsh drought.
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