The grain sector fell 2.69% in Q2 2023, while the overall commodity asset class edged only 0.21% higher. Over the first sixth months of this year, grains fell 6.54%, underperforming the asset class, which posted a 1.79% loss. While soybeans, soybean oil, oats, and rice prices moved to the upside in Q2, corn, the three wheat futures, and soybean meal prices declined.
As the grains head into the second half of 2023, prices remain elevated compared to the pre-2022 levels, and the supply-demand balance sheets are tight as Europe’s breadbasket continues to be a warzone.
