Sugar imports by China, the world’s second-biggest consumer after India, may jump 35 percent as output trails demand, helping push global prices higher, according to Australia and New Zealand Banking Group Ltd.
U.S. beef shipments to Japan may drop after the largest Asian buyer agreed with Australia to begin reducing import tariffs as early as next year, Japan’s agriculture ministry said.
Wheat exports from Australia, set to be the world’s second-biggest supplier, are likely to miss a government forecast as production will be less than predicted, said two of the country’s banks.
Corn held a two-day drop after farmers in the U.S. increased planting, easing concerns that supplies will tighten from the world’s biggest producer.
Wheat fell for a seventh day to trade near the lowest level in three weeks as improving crop prospects in Europe eased concern that lower output in the U.S., the top exporter, will curb global supply.
Soybeans fell for a third day, after reaching a five-week low yesterday, amid concern demand in China may wane, while U.S. farmers will probably accelerate planting.
The global corn market may see 60 million metric tons “disappearing” as drought cuts the U.S. harvest, said Australia & New Zealand Banking Group Ltd.
Cotton may remain under pressure in the short term after prices tumbled in the past month, Australia & New Zealand Banking Group Ltd. said.
"A more settled geopolitical scene swayed sentiment back in favor of sellers."
- Paul Deane on Aug 18, 2014