BofA Boosts Ag Commodity Price Targets Amid Supply Risks

Bank of America has raised its price targets for several agricultural commodities due to supply risks in the 2026-27 marketing year. The bank increased its US soybean price forecast by $1.50 per bushel to $13.50 per bushel, with prices potentially reaching $14.00-14.50 per bushel if additional export demand is generated from the Xi-Trump meeting.

The bank also lifted its sugar price target to 20 cents per pound from 17 cents per pound due to production losses in Europe, a weaker Asian monsoon, and excessive rain risks in Centre-South Brazil.

For wheat, Bank of America now sees prices moving towards $8-10 per bushel compared to $7.70 per bushel previously, citing lost volumes due to the ongoing conflict in the Black Sea region.