Ivorian port cocoa arrivals have been very strong. Since the main crop harvest began in October, 868,000 tonnes of cocoa beans have been delivered. That compares with just over 600,000 tonnes at this juncture of the marketing year over the past few seasons.
Surging supplies of U.S. corn and soybeans coupled with higher revenue for specialty crops will boost farm incomes to a record this year even after grain prices fell, the U.S. Department of Agriculture said.
Canadian wheat and canola grower Mike Bast spent five years building silos to store 100,000 bushels on his 2,000-acre farm in La Salle, Manitoba. It wasn’t enough. He’s already dumping grain into his neighbor’s bins.
Corn futures plunged to a three- year low after the U.S. Department of Agriculture boosted its inventory estimate by 25%. Soybeans dropped the most in six months as supplies topped analyst estimates by 11%.
World grain and soybean yields are not growing fast enough to double harvests by 2050, meaning output may fail to meet rising demand without clearing more land for farming, according to a University of Minnesota study.
Commodities are trailing equities for the longest stretch in almost 15 years as Goldman Sachs Group Inc. and Citigroup Inc. predict the end of the decade-long bull market even as the global economy expands.