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Spring Market Outlook
Wednesday, March 27, 2024

“Commodity bears” have awakened from their dens early this spring as grain and oilseed prices have dipped back down to multi-year lows. Can the pressure continue? How will planted acreage shake out this spring and what could new crop 2024/25 balance sheets look like? Nicole Thomas and Eric Thornton will discuss what is on the horizon for corn, the soy complex, and wheat.

Sugar, on the other hand, remains a challenging commodity to navigate. Not to fear! Kevin Combs will provide his analysis on the global and domestic market and check in on how price negotiations are shaking out for 2025.

Plan to attend our 2024 Spring Market Outlook webinar to hear our entire outlook on commodity markets heading into the spring growing season.

When: Wednesday, March 27, 2024 · 11:00 a.m. · PST
Duration: 1 hour

Register for the live webinar here.

Malaysian palm oil futures are at one-year highs due to declining inventories in Malaysia and rising crude oil futures. U.S. imports of palm oil and PKO were around average in January and a bit below average for coconut oil. Tropical oils pricing at the Gulf is on the rise.

NOPA’s soybean crush for February was higher than average analyst expectations for the month. This crush happens to be the largest ever for the month of February. Soybean oil stocks also increased from January’s and the largest stock since June.

Although the March WASDE didn’t cut corn stocks as anticipated, the market rose a few cents in a couple quiet sessions after the report. Resistance around $4.45 was firm, though, as there is no real expectation of a dramatic change to this season’s balance sheet, even when USDA likely starts to tweak consumption numbers after the March Grain Stocks report. Basis bids are weak to average in many regions. 

May-24 #11 world raw sugar moved back above its 20-day average this week, settling this Wednesday just below it at 21.77 cents per lb. May-24 #5 London refined sugar closed Thursday at $614.80 per MT, a ten-session high. May-24 #16 domestic raw sugar reached a nine-session high of 40.50 cents per lb, with resistance likely above 40.70. Crude oil rebounded midweek above $81 per barrel.

This report summarizes a small sampling of the information available on our IQ Ingredient Intelligence platform. Further insights, statistics, analysis, and pricing information for these commodities and others are available to IQ subscribers.

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Don’t miss our 2024 Spring Market Seminar!
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Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.