By Giulia Petroni

A roundup of key agricultural commodity markets for the week of Nov. 24-28 by Dow Jones Newswires in Barcelona.

GRAINS & OILSEEDS: The macroeconomic mood is bearish, with investors growing wary over high tech valuations, mixed and delayed economic data, the impact of a record-long U.S. government shutdown, and a sharp decline in crypto markets.

However, bets that the Federal Reserve will cut interest rates again next month got boosted to 74% from just above 30% last week, according to the FedWatch tool. Market watchers now await key reports this week, including the U.S. producer-price index, before market activity slows down due to the Thanksgiving holiday on Thursday.

"This is the most bearish window of the year for the commodity complex," analysts at Peak Trading Research say. "There will be a time to buy seasonally bullish 'Santa Rally' markets like cattle and cotton in December, but we're not there yet."

December is generally a bullish month, with investors often putting money into commodities and inflation-protecting assets in preparation for the new year. Stock markets also usually get a boost from the holiday rally.

Looking at the weather, Brazil has experienced scattered showers over the past week, with more rain expected in North and Central Brazil next week, which should help dry out the south, Peak Trading Research says. Argentina has seen excessive rain recently, but conditions are expected to dry out this week, improving planting conditions, although some areas are still dealing with drainage and access challenges.

Chicago wheat futures fell 1.2% to $5.34 a bushel in European afternoon trade Monday, while corn was flat at $4.38 a bushel. Soybean prices slipped 0.1% to $11.24 a bushel.

SOFT COMMODITIES: President Trump last week removed 40% tariffs on Brazilian agricultural products, including coffee and cocoa, as he seeks to address affordability concerns in the U.S. Arabica coffee prices dropped sharply as the news alleviated concerns over potential supply shortages.

On Monday, coffee prices were up 0.2% to $3.70 a pound, while cocoa was down 0.7% to $5,121 a ton, driven by prospects of better production and weakening demand. Sugar edged 0.5% higher to 15 cents a pound.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 24, 2025 10:19 ET (15:19 GMT)

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