AGS WEEK AHEAD: Macro Mood Mixed After U.S. Government Reopening

Dow Jones11-17

By Giulia Petroni

A roundup of key agricultural commodity markets for the week of Nov. 17-21 by Dow Jones Newswires in Barcelona.

GRAINS & OILSEEDS: The overall macroeconomic mood is mixed. While the U.S. government has reopened, concerns remain over economic data and the potential effect of the longest shutdown in U.S. history on labor markets and consumer confidence.

Traders are now pricing in a 43.6% chance of further cuts next month, according to the FedWatch tool, a hawkish shift from previous expectations. Market participants are closely awaiting the Federal Reserve's meeting minutes on Wednesday and September's nonfarm payrolls data on Thursday. However, the release of CFTC's Commitment of Traders (COT) positioning reports might be delayed until late January.

Friday's USDA WASDE report was bearish for agricultural markets, showing a smaller-than-expected reduction in corn yields, larger corn stocks, and a decrease in soybean demand, analysts at Peak Trading Research said.

Meanwhile, India is considering resuming exports of wheat products after more than three years of curbs, reflecting strong domestic supplies and an expected bumper harvest, according to media reports.

On Monday, Chicago wheat futures rose 2.2% to $5.54 a bushel, while corn was up 0.8% to $4.34 a bushel. Soybean prices gained 0.2% to $11.44 a bushel.

SOFT COMMODITIES: President Trump rolled back tariffs on more than 200 food products, including coffee, beef and dozens of agricultural goods. Meanwhile, recent rainfall in Brazil has eased concerns about dryness.

Coffee prices are down 0.1% to $3.74 a pound on Monday and 6% on the month. Cocoa prices fell 2.1% to $5,340 a ton, while sugar is down 0.5% to 15 cents a pound.

The latest biweekly report from the Brazilian Sugarcane and Bioenergy Industry Association showed that sugarcane crushing in central and south Brazil was up 14% on year, while sugar output for the period rose more than 16%, according to ING analysts.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 17, 2025 10:03 ET (15:03 GMT)

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AGS WEEK AHEAD: Macro Mood Mixed After U.S. Government Reopening

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