Feed Grains
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS The government of Pakistan has announced that 400,000 MT of wheat will be imported, duty free, to cover the existing wheat shortage and to get wheat flour prices back to a more normal level. The importation will be allowed up unti...
Technical Views - Exit and Reassess
SPREADS March crush trades at 1.00c/bu while oilshare backs down to 35.22%. Traders are buying meal / selling soyoil today with lower palm oil price activity. Spreads are weaker in corn, with July/Dec trading out to 2 3/4c from 1 1/4c. March/May corn is steady/firmer with trad...
AM Outlook - Firm Ranges
GOOD MORNING, The market remains focused this week on South American weather, harvest pressure, and signs of any Chinese purchases. Last week the corn market reversed course, breaking to new lows on Thursday only to take back those losses on Friday, in effect showing us its trading...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS The government of Pakistan has announced that 400,000 MT of wheat will be imported, duty free, to cover the existing wheat shortage and to get wheat flour prices back to a more normal level. The importation will be allowed up unti...
Technical Views - Exit and Reassess
SPREADS March crush trades at 1.00c/bu while oilshare backs down to 35.22%. Traders are buying meal / selling soyoil today with lower palm oil price activity. Spreads are weaker in corn, with July/Dec trading out to 2 3/4c from 1 1/4c. March/May corn is steady/firmer with trad...
AM Outlook - Firm Ranges
GOOD MORNING, The market remains focused this week on South American weather, harvest pressure, and signs of any Chinese purchases. Last week the corn market reversed course, breaking to new lows on Thursday only to take back those losses on Friday, in effect showing us its trading...
Market Commentary
Note that the CBOT markets will be closed on Monday, 20 January 2020 for the Martin Luther King Jr. holiday. The CBOT traded another volatile day with corn erasing yesterday’s steep losses and wheat, soybeans, and soyoil all finishing higher as well. Rumors of Chinese corn and sorgh...
Soy & Oilseeds
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS The government of Pakistan has announced that 400,000 MT of wheat will be imported, duty free, to cover the existing wheat shortage and to get wheat flour prices back to a more normal level. The importation will be allowed up unti...
Technical Views - Exit and Reassess
SPREADS March crush trades at 1.00c/bu while oilshare backs down to 35.22%. Traders are buying meal / selling soyoil today with lower palm oil price activity. Spreads are weaker in corn, with July/Dec trading out to 2 3/4c from 1 1/4c. March/May corn is steady/firmer with trad...
AM Outlook - Firm Ranges
GOOD MORNING, The market remains focused this week on South American weather, harvest pressure, and signs of any Chinese purchases. Last week the corn market reversed course, breaking to new lows on Thursday only to take back those losses on Friday, in effect showing us its trading...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS The government of Pakistan has announced that 400,000 MT of wheat will be imported, duty free, to cover the existing wheat shortage and to get wheat flour prices back to a more normal level. The importation will be allowed up unti...
Technical Views - Exit and Reassess
SPREADS March crush trades at 1.00c/bu while oilshare backs down to 35.22%. Traders are buying meal / selling soyoil today with lower palm oil price activity. Spreads are weaker in corn, with July/Dec trading out to 2 3/4c from 1 1/4c. March/May corn is steady/firmer with trad...
AM Outlook - Firm Ranges
GOOD MORNING, The market remains focused this week on South American weather, harvest pressure, and signs of any Chinese purchases. Last week the corn market reversed course, breaking to new lows on Thursday only to take back those losses on Friday, in effect showing us its trading...
Market Commentary
Note that the CBOT markets will be closed on Monday, 20 January 2020 for the Martin Luther King Jr. holiday. The CBOT traded another volatile day with corn erasing yesterday’s steep losses and wheat, soybeans, and soyoil all finishing higher as well. Rumors of Chinese corn and sorgh...
Wheat
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS The government of Pakistan has announced that 400,000 MT of wheat will be imported, duty free, to cover the existing wheat shortage and to get wheat flour prices back to a more normal level. The importation will be allowed up unti...
Technical Views - Exit and Reassess
SPREADS March crush trades at 1.00c/bu while oilshare backs down to 35.22%. Traders are buying meal / selling soyoil today with lower palm oil price activity. Spreads are weaker in corn, with July/Dec trading out to 2 3/4c from 1 1/4c. March/May corn is steady/firmer with trad...
AM Outlook - Firm Ranges
GOOD MORNING, The market remains focused this week on South American weather, harvest pressure, and signs of any Chinese purchases. Last week the corn market reversed course, breaking to new lows on Thursday only to take back those losses on Friday, in effect showing us its trading...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS The government of Pakistan has announced that 400,000 MT of wheat will be imported, duty free, to cover the existing wheat shortage and to get wheat flour prices back to a more normal level. The importation will be allowed up unti...
Technical Views - Exit and Reassess
SPREADS March crush trades at 1.00c/bu while oilshare backs down to 35.22%. Traders are buying meal / selling soyoil today with lower palm oil price activity. Spreads are weaker in corn, with July/Dec trading out to 2 3/4c from 1 1/4c. March/May corn is steady/firmer with trad...
AM Outlook - Firm Ranges
GOOD MORNING, The market remains focused this week on South American weather, harvest pressure, and signs of any Chinese purchases. Last week the corn market reversed course, breaking to new lows on Thursday only to take back those losses on Friday, in effect showing us its trading...
Market Commentary
Note that the CBOT markets will be closed on Monday, 20 January 2020 for the Martin Luther King Jr. holiday. The CBOT traded another volatile day with corn erasing yesterday’s steep losses and wheat, soybeans, and soyoil all finishing higher as well. Rumors of Chinese corn and sorgh...
Livestock
Market Commentary
Note that the CBOT markets will be closed on Monday, 20 January 2020 for the Martin Luther King Jr. holiday. The CBOT traded another volatile day with corn erasing yesterday’s steep losses and wheat, soybeans, and soyoil all finishing higher as well. Rumors of Chinese corn and sorgh...
CFTC COT Report Analysis
The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...
Summary of Futures
Mar 20 Corn closed at $3.8925/bushel, up $0.1375 from yesterday's close. Mar 20 Wheat closed at $5.705/bushel, up $0.0525 from yesterday's close. Mar 20 Soybeans closed at $9.2975/bushel, up $0.0575 from yesterday's close. Mar 20 Soymeal closed at $300.6/short ton, up $0 from...
Market Commentary
Note that the CBOT markets will be closed on Monday, 20 January 2020 for the Martin Luther King Jr. holiday. The CBOT traded another volatile day with corn erasing yesterday’s steep losses and wheat, soybeans, and soyoil all finishing higher as well. Rumors of Chinese corn and sorgh...
CFTC COT Report Analysis
The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...
Summary of Futures
Mar 20 Corn closed at $3.8925/bushel, up $0.1375 from yesterday's close. Mar 20 Wheat closed at $5.705/bushel, up $0.0525 from yesterday's close. Mar 20 Soybeans closed at $9.2975/bushel, up $0.0575 from yesterday's close. Mar 20 Soymeal closed at $300.6/short ton, up $0 from...
Growing Chinese Dairy Market
Reflecting the rapid growth of China’s dairy import needs, albeit from a small base, the new economic agreement between Beijing and Washington includes market access requirements intended to grow the trade. As is common throughout the agreement, the U.S. commits to working on removing its...
Biofuels
China Scales Back Ethanol Use Goals
Just as hopes were high for resuming ethanol exports to China under the Phase One deal to be signed this week, China is suspending its national E10 ethanol blending plan which was to be in effect in 2020. While the E10 goal was never realistic – USDA’s FAS post in China estimated mi...
New Year Prediction: More RFS Changes Coming
Two weeks ago, EPA increased the blending requirement for ethanol and biodiesel under its supplemental small refinery exemption (SRE) proposal. More changes, and potentially additional volumes of biofuels, are likely in the new year. EPA has pulled its proposed RFS re-set proposal from OMB, whi...
Ag Review - December 2019
WPI's monthly publication features a review of the past month's market and policy developments. There are articles covering the trade war impacts, oil and ethanol developments, a potential next cattle ranching frontier, farm proposals and more. ...
China Scales Back Ethanol Use Goals
Just as hopes were high for resuming ethanol exports to China under the Phase One deal to be signed this week, China is suspending its national E10 ethanol blending plan which was to be in effect in 2020. While the E10 goal was never realistic – USDA’s FAS post in China estimated mi...
New Year Prediction: More RFS Changes Coming
Two weeks ago, EPA increased the blending requirement for ethanol and biodiesel under its supplemental small refinery exemption (SRE) proposal. More changes, and potentially additional volumes of biofuels, are likely in the new year. EPA has pulled its proposed RFS re-set proposal from OMB, whi...
Ag Review - December 2019
WPI's monthly publication features a review of the past month's market and policy developments. There are articles covering the trade war impacts, oil and ethanol developments, a potential next cattle ranching frontier, farm proposals and more. ...
Change Ahead For Agriculture
The current political turbulence in Washington dominates the wire service headlines and the attention of op-ed writers. Yesterday, the U.S. House of Representatives passed two articles of impeachment against President Trump over the Ukraine affair and a charge of obstruction of Congress. This i...
Farm Inputs
Green on Black Equals Red; Fake Honey
Green Impact on Black Equals Red Activists in Europe are protesting against today’s “Black Friday” shopping extravaganza. They argue that the environmental externalities of consumerism will destroy the planet. This begs the question of whether commercial minimalism will destro...
Technical Views - Meal Correction Upwards
SPREADS September KC/Chicago spreads moved to new contract lows yesterday. KC wheat/corn spreads moved back to levels conducive to putting HRW back into feed. October crush firms to 1.07c/bu while oilshare firms to new highs at 33 percent. Dec/March corn trades from 10c...
Market Commentary
Weather forecasts run yesterday afternoon and evening continue to show a drying trend across the Corn Belt, which led futures lower overnight. The worst of the planting-delaying weather seems to be over, and fresh forecasts are broadly encouraging. Overnight pressure also came from news that ho...
Green on Black Equals Red; Fake Honey
Green Impact on Black Equals Red Activists in Europe are protesting against today’s “Black Friday” shopping extravaganza. They argue that the environmental externalities of consumerism will destroy the planet. This begs the question of whether commercial minimalism will destro...
Technical Views - Meal Correction Upwards
SPREADS September KC/Chicago spreads moved to new contract lows yesterday. KC wheat/corn spreads moved back to levels conducive to putting HRW back into feed. October crush firms to 1.07c/bu while oilshare firms to new highs at 33 percent. Dec/March corn trades from 10c...
Market Commentary
Weather forecasts run yesterday afternoon and evening continue to show a drying trend across the Corn Belt, which led futures lower overnight. The worst of the planting-delaying weather seems to be over, and fresh forecasts are broadly encouraging. Overnight pressure also came from news that ho...
Market Commentary
Overnight trade featured prices on both sides of unchanged in heavy volume (well, heavy for an overnight session). Corn attempted to break below yesterday’s low but failed, which brought more buying heading into the morning. At the close, corn, soybean and wheat futures were all higher. T...
Equities
Market Commentary
President Trump’s Twitter account was in overdrive this morning as he lashed out at China in a series of tweets, including a note that U.S. companies are “hereby ordered” to find alternatives to that country. This could be part of a bizarre negotiating strategy, a knee-jerk re...
Market Commentary
The markets are in the sweet spot where buyers and sellers are in agreement, and thus both bulls and bears can be dissatisfied by the stability of prices. The Pro Farmer tour wraps up today and reports its results tomorrow, but even its news has a bland taste. It has found areas of concern in t...
Market Commentary
Much like yesterday, today’s trading was dominated by crop tour yield numbers, good weather forecasts, and continued pressure on world wheat values. The soy complex managed to post solid gains, but wheat led corn lower amid significant spread trading. Funds are thought to be flat corn whi...
Market Commentary
President Trump’s Twitter account was in overdrive this morning as he lashed out at China in a series of tweets, including a note that U.S. companies are “hereby ordered” to find alternatives to that country. This could be part of a bizarre negotiating strategy, a knee-jerk re...
Market Commentary
The markets are in the sweet spot where buyers and sellers are in agreement, and thus both bulls and bears can be dissatisfied by the stability of prices. The Pro Farmer tour wraps up today and reports its results tomorrow, but even its news has a bland taste. It has found areas of concern in t...
Market Commentary
Much like yesterday, today’s trading was dominated by crop tour yield numbers, good weather forecasts, and continued pressure on world wheat values. The soy complex managed to post solid gains, but wheat led corn lower amid significant spread trading. Funds are thought to be flat corn whi...
Market Commentary
Crop tour yield estimates were the feature of the day, and field reports that yields are likely to be lower than reflected in the August Crop Production report were supportive for row crops. The weather outlook remains broadly favorable with below-average temperatures and above-average rainfall...
Energy
Summary of Futures
Mar 20 Corn closed at $3.8925/bushel, up $0.1375 from yesterday's close. Mar 20 Wheat closed at $5.705/bushel, up $0.0525 from yesterday's close. Mar 20 Soybeans closed at $9.2975/bushel, up $0.0575 from yesterday's close. Mar 20 Soymeal closed at $300.6/short ton, up $0 from...
Summary of Futures
Mar 20 Corn closed at $3.755/bushel, down $0.12 from yesterday's close. Mar 20 Wheat closed at $5.6525/bushel, down $0.08 from yesterday's close. Mar 20 Soybeans closed at $9.24/bushel, down $0.0475 from yesterday's close. Mar 20 Soymeal closed at $300.6/short ton, up $0.5 fro...
Summary of Futures
Mar 20 Corn closed at $3.875/bushel, down $0.015 from yesterday's close. Mar 20 Wheat closed at $5.7325/bushel, up $0.0475 from yesterday's close. Mar 20 Soybeans closed at $9.2875/bushel, down $0.135 from yesterday's close. Mar 20 Soymeal closed at $300.1/short ton, down $1.9...
Summary of Futures
Mar 20 Corn closed at $3.8925/bushel, up $0.1375 from yesterday's close. Mar 20 Wheat closed at $5.705/bushel, up $0.0525 from yesterday's close. Mar 20 Soybeans closed at $9.2975/bushel, up $0.0575 from yesterday's close. Mar 20 Soymeal closed at $300.6/short ton, up $0 from...
Summary of Futures
Mar 20 Corn closed at $3.755/bushel, down $0.12 from yesterday's close. Mar 20 Wheat closed at $5.6525/bushel, down $0.08 from yesterday's close. Mar 20 Soybeans closed at $9.24/bushel, down $0.0475 from yesterday's close. Mar 20 Soymeal closed at $300.6/short ton, up $0.5 fro...
Summary of Futures
Mar 20 Corn closed at $3.875/bushel, down $0.015 from yesterday's close. Mar 20 Wheat closed at $5.7325/bushel, up $0.0475 from yesterday's close. Mar 20 Soybeans closed at $9.2875/bushel, down $0.135 from yesterday's close. Mar 20 Soymeal closed at $300.1/short ton, down $1.9...
Summary of Futures
Mar 20 Corn closed at $3.89/bushel, down $0.005 from yesterday's close. Mar 20 Wheat closed at $5.685/bushel, up $0.0625 from yesterday's close. Mar 20 Soybeans closed at $9.4225/bushel, up $0 from yesterday's close. Mar 20 Soymeal closed at $302/short ton, down $1.8 from yest...
Softs
Trade War Trade Impacts
The U.S.– China trade war has had a far more dramatic impact on American agriculture than it has had on farmers in the Middle Kingdom. In fiscal year 2017, the U.S. had a $16 billion agricultural trade surplus with China. In percentage terms, U.S. food sales to China that year were 142 pe...
China In-Country Analysis
Livestock Live Hog Price Down 2 Percent, White Feather Broiler Rises By 11 Percent After peaking at RMB 40.28/kg ($5.73/kg) or RMB 18.27/lb. ($2.60/lb.) at the end of October, the national average live hog price has fallen for five straight weeks. Ending last week at RMB 31.61/kg ($4.50/kg) or...
A Faint Light from Golden Rice
As someone who has for many years pursued a deep interest in the business and economics of agriculture and food, one of the greatest frustrations and disappointments is the organized, systematic opposition to nearly all the scientific and technical advances in food and agricultural production d...
Trade War Trade Impacts
The U.S.– China trade war has had a far more dramatic impact on American agriculture than it has had on farmers in the Middle Kingdom. In fiscal year 2017, the U.S. had a $16 billion agricultural trade surplus with China. In percentage terms, U.S. food sales to China that year were 142 pe...
China In-Country Analysis
Livestock Live Hog Price Down 2 Percent, White Feather Broiler Rises By 11 Percent After peaking at RMB 40.28/kg ($5.73/kg) or RMB 18.27/lb. ($2.60/lb.) at the end of October, the national average live hog price has fallen for five straight weeks. Ending last week at RMB 31.61/kg ($4.50/kg) or...
A Faint Light from Golden Rice
As someone who has for many years pursued a deep interest in the business and economics of agriculture and food, one of the greatest frustrations and disappointments is the organized, systematic opposition to nearly all the scientific and technical advances in food and agricultural production d...
Alternative Crops
U.S. cotton farmers are lamenting a season in which they planted a lot of acres, faced lower yields due to weather, lower prices due to competition from Brazil, and restricted markets due to the U.S. - China trade war. Still, natural fibers remain a buoyant market and cotton was always a fallba...
Macroeconomics
Hey Phil Hogan, How’s the New Job Going?
New EU Trade Commissioner Phil Hogan was in Washington this week for a sort of baptism by fire. On top of foreign policy tensions like Iran and security issues like NATO funding, there are economic issues like trade. The U.S. has imposed tariffs on imports from the EU under the WTO Airbus...
Transatlantic Miscalculations
Analysts say that Mr. Trump settled on a partial economic deal with China in order to smooth his path to reelection. In that agreement’s aftermath, the markets are now priced for continued economic growth. This raises doubts that 2020 is the year when he presents a major trade challenge t...
China Purchasing Loophole; China Deal Worsens Transatlantic; USMCA Victory
China Purchasing Loophole First, it is important to reemphasize the point made in yesterday’s report that the key achievement in the Phase One trade deal between the U.S. and China is in the technical language. Unlike any other trade agreement, this one contains explicit contractual terms...
Hey Phil Hogan, How’s the New Job Going?
New EU Trade Commissioner Phil Hogan was in Washington this week for a sort of baptism by fire. On top of foreign policy tensions like Iran and security issues like NATO funding, there are economic issues like trade. The U.S. has imposed tariffs on imports from the EU under the WTO Airbus...
Transatlantic Miscalculations
Analysts say that Mr. Trump settled on a partial economic deal with China in order to smooth his path to reelection. In that agreement’s aftermath, the markets are now priced for continued economic growth. This raises doubts that 2020 is the year when he presents a major trade challenge t...
China Purchasing Loophole; China Deal Worsens Transatlantic; USMCA Victory
China Purchasing Loophole First, it is important to reemphasize the point made in yesterday’s report that the key achievement in the Phase One trade deal between the U.S. and China is in the technical language. Unlike any other trade agreement, this one contains explicit contractual terms...
Return to Managed Trade
Critics of the trade deal signed today between the U.S. and China lament President Trump’s policy tilt toward “managed trade.” Trump Administration officials resigned themselves that if they could not compel China (and other countries) into greater market orientation, they wou...
Pulses
An IPO-Level Look at the Veggie Burger Sector
Beyond Meat, the maker of a vegetable protein meat alternative product, is preparing for an IPO. It will be offering 8.75 million shares at $19-21, which would raise $175 million at the mid-point price. The company’s cornerstone product is the Beyond Burger, which is now available at a nu...
Indian Subcontinent Regional Analysis
Higher Early Sugar Production and Slow Exports Could Pressure Prices Due to the early start of the 2018/19 sugarcane crushing season, Indian sugar mills were able to produce 21.93 MMT of sugar as of 15 February 2019 versus 20.36 MMT at the same point a year ago, an increase of 7.71 percent. Ano...
Indian Subcontinent Regional Analysis
Sugar Production Estimates Lowered Based on new satellite survey data from the Indian Sugar Mills Association’s (ISMA’s) satellite survey of sugarcane plantings, the sugar production estimate has been decreased from 31.5 MMT to 30.7 MMT. That is 4.3 MMT or 12.28 percent lower than t...
An IPO-Level Look at the Veggie Burger Sector
Beyond Meat, the maker of a vegetable protein meat alternative product, is preparing for an IPO. It will be offering 8.75 million shares at $19-21, which would raise $175 million at the mid-point price. The company’s cornerstone product is the Beyond Burger, which is now available at a nu...
Indian Subcontinent Regional Analysis
Higher Early Sugar Production and Slow Exports Could Pressure Prices Due to the early start of the 2018/19 sugarcane crushing season, Indian sugar mills were able to produce 21.93 MMT of sugar as of 15 February 2019 versus 20.36 MMT at the same point a year ago, an increase of 7.71 percent. Ano...
Indian Subcontinent Regional Analysis
Sugar Production Estimates Lowered Based on new satellite survey data from the Indian Sugar Mills Association’s (ISMA’s) satellite survey of sugarcane plantings, the sugar production estimate has been decreased from 31.5 MMT to 30.7 MMT. That is 4.3 MMT or 12.28 percent lower than t...
Indian Subcontinent Regional Analysis
Rabi Sowing Down As of 18 January 2019, the total rabi planted area was down 4.8 percent versus 2017/18. While wheat is among the crops affected, pulses and coarse cereals, most especially pearl millet, are down significantly (see table below). The overal oilseed area has been good, however, as...
Freight
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS The government of Pakistan has announced that 400,000 MT of wheat will be imported, duty free, to cover the existing wheat shortage and to get wheat flour prices back to a more normal level. The importation will be allowed up unti...
FOB Prices and Freight Rate App (Updated 17 January)
Update for 17 January 2020: All other routes/offers updated through the day's close. Freight Comments for 16 January 2020: Jay O’Neil, O’Neil Commodity Consulting Panamax Dry-Bulk markets got a little bonce this week as paper traders believe they saw a buying opportun...
Interactive Ocean Freight Rates (Updated 17 January)
Data Updated Through: 17 January 2020 Ocean Freight Insights and Comments - 16 January 2020 By Jay O'Neil Commodity Consulting Panamax Dry-Bulk markets got a little bonce this week as paper traders believe they saw a buying opportunity. Capesize markets, however, are still struggling,...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS The government of Pakistan has announced that 400,000 MT of wheat will be imported, duty free, to cover the existing wheat shortage and to get wheat flour prices back to a more normal level. The importation will be allowed up unti...
FOB Prices and Freight Rate App (Updated 17 January)
Update for 17 January 2020: All other routes/offers updated through the day's close. Freight Comments for 16 January 2020: Jay O’Neil, O’Neil Commodity Consulting Panamax Dry-Bulk markets got a little bonce this week as paper traders believe they saw a buying opportun...
Interactive Ocean Freight Rates (Updated 17 January)
Data Updated Through: 17 January 2020 Ocean Freight Insights and Comments - 16 January 2020 By Jay O'Neil Commodity Consulting Panamax Dry-Bulk markets got a little bonce this week as paper traders believe they saw a buying opportunity. Capesize markets, however, are still struggling,...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Egypt says that it will establish a commodities exchange for the trading of items that will include wheat, sugar, corn and rice – both locally produced and imported. They say that it will be in place in the next 36 to 48 weeks. Several q...