By Giulia Petroni

A roundup of key agricultural commodity markets for the week of Nov. 3-7 by Dow Jones Newswires in Barcelona.

GRAINS & OILSEEDS: The macroeconomic mood has cooled after Federal Reserve Chair Jerome Powell said further rate cuts this year are far from certain. Traders lowered their bets for a December cut, a shift that supported the dollar and put a lid on risk assets and dollar-denominated commodity markets.

However, agricultural markets are benefiting from last week's soybean deal between the U.S. and China, where Beijing agreed to resume long-term U.S. soybean purchases. Under the agreement, China will buy at least 12 million metric tons during this year and 25 million tons annually for the next three years.

This is a quiet data week, with attention turning to Wednesday's ADP jobs report, while the CFTC Commitment of Traders data is still delayed due to the U.S. government shutdown.

Seasonals are typically bearish in November before turning bullish again in December. "November is the most negative month of the year for commodities overall," analysts at Peak Trading Research said. "Wheat looks especially vulnerable."

In the U.S., weather conditions are warm and dry, ideal for wrapping up harvest. Soybean harvest is basically complete, and the focus is now on the final stages for corn, according to Peak Trading.

Brazilian weather looks favorable so far, with heavy rains this week boosting soil moisture for early-planted crops. Analysts at the Swiss-based firm said Brazil typically reaches the halfway point of planting in early November, while Argentina is expected to reach that point in early December.

On Monday, Chicago wheat futures are up 0.1% to $5.35 a bushel, while corn was down 0.2% to $4.31 a bushel. Soybean prices rose 0.7% to $11.24 a bushel.

SOFT COMMODITIES: Coffee and cocoa prices surged on Monday, rising 3.6% and 6.7%, respectively, to $4.06 a pound and $6,564 a ton, despite a stronger U.S. dollar. The Trump administration's 50% tariff on Brazil has caused a sharp drawdown in ICE coffee inventories. Meanwhile, cocoa prices remain nearly 44% lower year to date, with global production for the upcoming crop year projected to increase amid improved weather conditions in cocoa-growing areas like West Africa and Ecuador. Candy companies such as Mondelez and Hershey are anticipating some relief after years of climbing prices. Sugar is up 1.7% to 15 cents a pound.

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

(END) Dow Jones Newswires

November 03, 2025 11:51 ET (16:51 GMT)

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