By Adam Whittaker
A roundup of key agricultural commodity markets for the week of Oct. 20-24 by Dow Jones Newswires in Barcelona.
GRAINS & OILSEEDS: Investor sentiment improved at the end of last week after President Trump said threatened tariffs on China are "not sustainable". Tensions between the two countries have escalated in recent weeks after China imposed curbs on exports of rate-earth metals. There is hope scheduled talks between Trump and Chinese leader Xi Jinping at the end of the month offer a path to de-escalation. Trump has listed China re-entering the market for U.S. soybeans as a key demand ahead of the talks.
Investors are betting the U.S. Federal Reserve will cut interest rates at its coming meeting on Oct. 28-29. Meanwhile, oil continues to slide as supply increases but demand remains muted.
The economic outlook is clouded by the absence of key economic data from the U.S. as the government shutdown continues. The country will however publish core CPI inflation data on Friday ahead of the Federal Reserve's meeting.
Earnings season continues with Darling Ingredients and Valero due to report on Thursday.
Seasonals are generally bullish for agriculture futures--except coffee--and bearish for energy markets, analysts at Peak Trading Research said.
Wheat prices fell to a five-year low last week and remain under pressure as abundant supply from the year's harvest enter the market, Commerzbank's Carsten Fritsch said.
Meanwhile, market watchers lack information on market conditions after the U.S Department of Agriculture's weekly grain exports and crop progress data fell victim to the government shutdown, he added.
The World Agricultural Supply and Demand Estimates report is also suspended until the shutdown ends.
Heavy storms over the eastern Corn Belt will slow the harvest. However, it got off to a strong start this year with the corn harvest around 60% complete and soybean around 75%, analysts at Peak Trading Research said.
On Monday, Chicago wheat futures are up 0.2% to $5.04 a bushel, while corn is up 0.6% to $4.22 a bushel. Soybean prices are up 0.9% at $10.28 a bushel.
SOFT COMMODITIES: The slump in cocoa prices has halted for now, Commerzbank's Fritsch said. Early last week, prices in New York fell to their lowest level since February 2024, but rallied despite the European Cocoa Association saying cocoa grinding in Europe dropped 4.8% on year to its lowest third quarter in 10 years, he added. "An even sharper decline had apparently been expected in the run-up to the release," he said. Cocoa futures rise 0.1% to $5,968 a metric ton.
Arabica coffee trades up 2.6% to $3.85 a pound. Sugar is up 1.05% to 15 cents a pound.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
October 20, 2025 08:44 ET (12:44 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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