The grain markets have moved in different directions since theUSDAreleased their first 2024-25...
I've noted as of late that the current El Nino weather pattern is generally seen as favorable for North American crops and for the cattle herd. And this has generally been the case this fall. However, the El Nino influence does have a tendency to be negative in other parts of the world including Southeast Asia. Thus, there have been concerns raised around robusta coffee and palm oil production in the coming months. Chart below suggests that this is certainly worth watching with palm oil but not necessarily something to lose sleep over (like the Steelers three game losing streak). Currently the USDA estimates world palm oil production for the 2023-24 crop year to rise a little more than two percent to a record.
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