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Fitch Solutions forecasts that cocoa, rice and sugar will be rare commodity gainers in 2023, while palm oil is among the biggest losers. The group expects most commodities to average lower than in 2022 amid a grim global economy, with China's expected rebound a key support.
A forecast of softer average prices for most commodities, with palm oil weak, points to lower vegetable oil input costs for feed makers, while rice strength could raise costs for rice-based feed ingredients.
grainpricenews.comMike VerdinDec 9, 2022After 96 past bearish report events, Palm Oil moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), and -0.9% over 20.
After 88 past bullish report events, Rough Rice moved a median +0.0% over 5 sessions (50% higher; middle half -1.5% to +2.1%), and +2.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
