Global Commodities: Big crops are unlikely to build world stocks, agri outlook into 2H25

• Supply is increasing in the agricultural markets due to farmers responding to prices, but demand is outstripping this increase in supply
• Despite weak prices in the futures and options markets, global demand for renewable fuels is driving growth in the agricultural sector
• Changes in biofuel blending mandates in countries like Brazil and India are expected to impact the sugar market and drive demand for agricultural products

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