With crude oil trading sideways in the short term and a good first month for Brazil’s center-south harvest, world sugar futures trended lower over the last week. Jul-24 #11 world raw sugar tested resistance at 18.00 cents Thursday before closing at 18.33, while Aug-24 #5 London white set a fresh 13-month low of $536.20. Jul-24 #16 is holding at 38.00 cents, its 2024 low, but Sep-24 #16 and beyond have moved below 38.00.

The corn market has been digesting the May WASDE’s adjustments to 2023/24 demand and early indications about 2024/25 S&D—the immediate post-report bullish rush triggered profit-taking that returned the market to early May levels. This week’s demand measures (corn for ethanol and exports) show utilization around expected levels for this season. Sales of 2024/25 corn for export have been on the slow side.

Feedstock competition affected U.S. soybean crush for April 2024. NOPA processors crushed less than expected. Canadian canola crush and oil production increased in March while canola oil futures picked up from February. Soybean oil basis continues to drop.

Malaysian palm oil futures have traded mostly between 3,800 and 3,900 ringgit since the end of April, after the market retraced steep gains seen in March. Weakness in soybean oil and crude oil pricing led to bearish sentiment in palm oil, although each market found support in early May.

Cocoa futures fell in the beginning of the week with record prices and weather changes in the West African regions. 

The natural gas market has been down since January 2024. The projected hurricanes in the Atlantic, and Gulf of Mexico are incidents to monitor for a new high-end range for the year. Lower prices have affected the available capacity of natural gas in the rigs. Any increase in inventory will depend on multiple factors which may occur in tandem with one another. 

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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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.