Although China announced the resumption of its purchases of US wheat this week, we doubt that this will be enough to buck the downwards trend in wheat prices. Meanwhile, OPEC+’s decision to pause any further increases to its output quotas until March suggests that the looming surplus in the oil market is causing the group some concern, and could potentially support oil prices next year.
We will be discussing where’s next for commodities prices in a Drop-In on Thursday 20th November at 1000 ET/1500 GMT. Register here for the 20-minute online briefing.
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