By Ben Seamer
A very high amount of sell off in oilseeds and cereals occurred this week globally.
The three major points to take away from changes in the market this week have been:
Negative macro sentiment – recession, war & inflation concerns has seen speculative bullish money flowing out of commodity markets quickly and commodity prices retreating fast.
Chicago soybean oil is headed for its longest retreat since 2019, Paris rapeseed erased its year-to-date gain and Malaysian palm oil recently entered a bear market as rival producer Indonesia ramps up exports.
Fundamentals have had little impact this week after a heat wave has ripped through US corn, EU continues to look very dry and grain supply from the Black Sea is reduced year-on-year.