JPMorgan Econ FI-Agricultural Commodities Update February WASDE data wrap-106503546

JPMORGANGlobalCommoditiesResearch13February2024AgriculturalCommoditiesUpdateFebruaryWASDEdatawrap•Atfacevalue,theUSDA’sFebruaryWASDEwasbearishCBOTSoybeans;GlobalCommoditiesResearchPriyaRSunejaneutral/bearishCBOTCornandCBOTWheat;andbullishICE#2Cotton.ThefocusremainsonSouthAmericanweather,particularlyonBraziliansafrinha(91-22)61574721cornproductionpotential.AlthoughtheUSDAhasslightlyreduceditspriya.suneja@jpmchase.comestimateforBrazil’ssoybeansupply,significantreductionsinthefutureJ.P.MorganIndiaPrivateLimitediterationscouldbeexpectedastheearlyharvestyieldscontinuetodisappoint.NatashaKaneva•USendingstocksincreasedonthemonthforsoybean,cornandwheat,(1-212)834-3175surpassingthetradeexpectations,drivenbycutsinUSsoybeanexportsandnatasha.kaneva@jpmorgan.comlowerconsumptionestimatesforwheatandcorn.CBOTgrains,mealsandJPMorganChaseBankNAbeansfinishedthesessiondownontheday.Agricommoditypricemovements-active•KeyupcomingeventstomonitorincludetheUSDA’sOutlookForumoncontract%February15thand16thandthereleaseoftheMalaysianPalmOilBoardJanuaryfundamentalupdateonFebruary13th.Expectationscallfora9%Source:BloombergFinanceL.P.,J.P.MorganCommoditiesMoMreductionininventoriesduetodecreasedproductionamidwetweather.Research,09February•Traderecommendations:Westaylongtheagricomplexviaanindex.Ourpriceforecastssitabovefuturescurves,an...