The agriculture sector has seen the strongest one-month performance since July 2012, with gains seen across all three sub-sectors of grains, softs and livestock. Agriculture commodity prices are the most exposed to wild weather swings and that has been the key positive price driver so far this year. Coffee, together with sugar, stands out with its double digit gains but also the grain sector — led by soybeans and wheat — have recovered, the latter from a 3.5-year low.
More than half of the commodities in the table below are currently overbought, and with the month-end approaching some risk of profit-taking may be seen ahead of the weekend. This is apparent not least in the grains markets in which the uptick in the value of the dollar may create some headwind for US exports. Soybeans have been subject to harvest delays in Brazil, where a record crop is still being amassed.
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