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The FAO Food Price Index rose for a ninth straight month in February 2021 to a six-year high, led by sugar and vegetable oils. The FAO raised its 2020 world cereal production forecast to 2.761 billion tonnes, with record wheat output expected for the next season.
Rising global food prices and record expected wheat output present mixed signals, with vegetable oil and sugar costs climbing while grain supply prospects improve.
farmpolicynews.illinois.eduKeith GoodMar 7, 2021After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.
After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
After 149 past bullish report events, Palm Oil moved a median +0.5% over 5 sessions (57% higher; middle half -1.1% to +1.8%), and +0.8% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
