Global Food & Drink View – Roundup Q312: Core Views

摘要

The events of the last quarter have generally continued to supportnour core short- and long-term views. The principle exception hasnbeen the performance of commodity prices. In June we suggestednthat an easing of commodity prices was likely to continue thanks tonglobal economic weakness and decent stocks-to-use ratios in major commodity categories. However, this assessment had to be swiftlynrevised with the US suffering its worst drought in 50 years, whichnled to massive production forecast downgrades for corn and soybean.