The 2017 consensus forecast for agricultural commodities indicates a decline in corn prices due to large crops in Argentina and Brazil, though a slight recovery is expected as U.S. farmers shift to more profitable crops. Soybean prices have dropped significantly due to a record harvest in Brazil and increasing U.S. planting intentions. Sugar prices also fell on expectations of a large Brazilian harvest, while wheat prices have risen due to reduced U.S. acreage and increased global demand.

1. CONSENSUS FORECAST 2017
AGRICULTURAL COMMODITIES
CORN SOYBEANS
SUGARWHEAT
Expectations of large crops in Argentina and
Brazil have exerted downward pressure on
corn prices over the past month despite
higher corn consumption in the United States.
Looking ahead, prices are expected to recover
slightlyas U.S. farmers shift away from corn
to more profi table crops
Spot Price
336 USD cents/bu
07-April 2017
1 month ago
353 USD cents/bu
1 year ago
352 USD cents/bu
-4.8% -4.4%
0
102
205
307
410
Q4 2016Q3 2016Q2 2016Q1 2016
386 387 395 406
CORN 2017-2018 PRICE FORECASTS
(USD cents/bu)
Soybean prices nosedived in recent weeks as the
unprecedented Brazilian harvest fl ooded the market. The
commodity has also taken a hit from prospects that U.S.
farmers will plant a record number of acres of soybeans
this year
0
250
500
750
1000
Q4 2016Q3 2016Q2 2016Q1 2016
870
976 972 991
SOYBEANS 2016-2017 PRICE FORECASTS
(USD cents/bu)
Spot Price
906 USD cents/bu
07-April 2017
1 year ago
880 USD cents/bu
-8.2% +3.0%
Sugar prices slid over the last month,
upon expectations of a record sugar harvest in
Brazil and a lower adoption of bioethanol,
a substitute good, in the South American country.
0
5
10
15
20
Q4 2016Q3 2016Q2 2016Q1 2016
14.3
15.7 15.9 16.0
SUGAR ISA 2017-2018 PRICE FORECASTS
(USD cents/lb)
The prices have ticked up since the start of the
year on news of a large fall in the U.S. winter wheat
area, dry conditions in the U.S. southern Great Plains
and heartening signs regarding global demand
0
125
250
375
500
Q4 2016Q3 2016Q2 2016Q1 2016
443
456 466 483
WHEAT CBOT 2016-2017 PRICE FORECASTS
(USD cents/bu)
1 month ago
986 USD cents/bu
Spot Price
16.6 USD cents/lb
07-April 2017
1 year ago
14.6 USD cents/lb
-10.2% -13.2%
1 month ago
18.5 USD cents/lb
Source: FocusEconomics Consensus Forecast Agricultural Commodities, April 2017
Spot Price
416 USD cents/bu
07-April 2017
1 year ago
465 USD/bu
-6.1% +4.5%
1 month ago
443 USD/bu
979
19.0 18.218.318.7