Vi e w p o i n t | Soybean futures are now trading at pre-conflict levels while corn futures have been pulled down to YTD lows as the market prices in lower crude and conflict resolution. With one key upside risk to commodity prices essentially removed, the focus on the ag market now turns to the potential development of a "super El Nino" later this year and possible extreme weather events. For both CTVA and FMC, 2Q is most likely to be tracking expectations and there could be modest upside to 2H numbers wi ...

3Q 2026 Commodities Market Outlook June 19, 2026 Citi Research +91 22 4277 5092 +44 20 7986 4559 +1 212 723 1051 Table of Contents | 1. Price Forecasts, Key Views, and Major Themes | (pg. 3) | | --- | --- | | 2. Energy | (pg. 17) | | - Petroleum | (pg. 18) | | - Natural Gas | (pg. 31) | | 3. Precious Metals | (pg. 58) | | 4. Industrial and Battery Metals | (pg. 85) | | 5. Agriculture | (pg. 131) | | 6. Bulks | (pg. 164) | Energy has further to fall, modestly bullish the main metals, and buy chocolate | Maxi ...