CS Agriculture outlook 2014 Dec 13

Commodity Spotlight Agriculturals

Outlook 2014: Many surpluses – for now at least!

Currently there is little sign of a supply shortage for wheat in 2014, nor for oilseed, cotton or corn. Negative price performance could reduce the corn-growing area, particularly in the USA, but this should rovide only moderate price uplift if the large surplus expected in the current season materialises. For coffee prices, given the prospect of a bumper harvest in Brazil, we expect at best a recovery, but no trend reversal. It is a similar tory for sugar, but we see further upside potential for cocoa prices in view of market deficits.

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