Agriculture

Market Context

• -WASDE reports published monthly by USDA — see usda.gov/oce/commodity/wasde
• -US winter wheat crop conditions: 55% good/excellent (vs 5Y avg 48%)
• -Brazilian soybean harvest underway, early yields above trend
• -Coffee prices at multi-year highs on Vietnam/Brazil supply concerns
• -La Niña watch continues — potential impact on Southern Hemisphere crops