Why we are more positive on agriculturals

Oversupply has been a major headwind for many agricultural commodity prices in recent years. But we think that, in many cases, stocks will start to be drawn down in 2019, which should give a lift to prices. Admittedly, our forecast of slower global economic growth could curb demand, but we think the near-term impact will be limited. Obviously, we are more upbeat on some commodities than others. In this Commodities Focus, we aim to provide a handy reference document detailing the rationale for our individual agricultural commodity price forecasts.