Cocoa conversations: Cocoa strikes back

In the latest episode of the Agri Commodities podcast, Carlos Mera, Head of Agri Commodities Markets Research, and Charles Hart, Senior Commodity Analyst, discuss the implications of the October WASDE report for global grains and oilseeds markets. The USDA caught markets off guard with an upward revision to US corn yields, while ongoing logistical challenges in the Black Sea prompted further cuts to Russian wheat export forecasts.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417272/disclaimer for information about the scope and limitations of the material published on the podcast. 

In this RaboResearch podcast, Agri Commodities Markets Research analysts Andrick Payen and Carlos Mera examine the implications for agricultural commodity markets arising from revisions to wheat, soybean, and corn estimates in the September 2026 USDA WASDE report.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 

The National Oceanic and Atmospheric Administration projects a 75% probability of the strongest El Niño since records began in 1950. Some of the textbook impacts are already visible in the fields, but market reactions appear to have been amplified by speculative fund positioning. For now, El Niño is driving prices more than fundamentals. Join Carlos Mera and Oran van Dort as they discuss the implications for cocoa, coffee, sugar, and other agricultural commodities.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 

Coffee prices have remained elevated for several years, but after reaching record highs in 2025 they have fallen significantly. Has the market finally returned to normal, or is there more downside ahead? Join Oran van Dort and Carlos Mera as they discuss the key drivers of coffee prices, from developments in the Red Sea and the EU Deforestation Regulation to the latest global supply and demand outlook. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417272/disclaimer for information about the scope and limitations of the material published on the podcast. 

Energy prices have been both elevated and highly volatile in 2026, with Brent crude oil rising from USD 60/bbl at the start of the year to USD 88/bbl as of August 17, 2026. The war in Iran and the subsequent disruption in the Strait of Hormuz have been responsible for much of the upward pressure on energy prices, while recent attacks on Russian refineries and export infrastructure have contributed to a sharp rise in diesel prices. Join Carlos Mera and Florence Schmit as they discuss the current market environment and where energy prices might go next.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417272/disclaimer for information about the scope and limitations of the material published on the podcast. 

In this RaboResearch podcast, Agri Commodities Markets Research analysts Charles Hart and Andrick Payen discuss some of the highlights from the USDA's August WASDE.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417272/disclaimer for information about the scope and limitations of the material published on the podcast.    

In this RaboResearch podcast, Agri Commodities Markets Research analysts Charles Hart and Andrick Payen discuss some of the highlights from the USDA's recent Acreage and Grain Stocks reports and what the reports will mean for grain and oilseed markets moving forward.     Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417272/disclaimer for information about the scope and limitations of the material published on the podcast. 

After a relatively subdued period between March and April, volatility has returned to the cocoa market in force. Cocoa prices, still down 23.5% year-to-date, have rallied 31% since the beginning of May as bullish fundamentals reemerge. Key drivers include the transition toward an active El Niño event, easing geopolitical tensions in the Middle East, and a slow start to the development of West Africa's 2026/27 main crop. Join Carlos Mera and Oran van Dort as they discuss the delectable but turbulent world of cocoa.    Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417272/disclaimer for information about the scope and limitations of the material published on the podcast. 

Coffee prices have dropped by 32% in the last six months due to an increase in production. As the availability of coffee in origin increases, stocks in destination countries are still scarce, and some volatility is expected before we see even lower prices. Join Oran van Dort and Carlos Mera as they discuss these and many other topics affecting much of the world's favorite beverage.  This episode was recorded on June 12, 2026.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417272/disclaimer for information about the scope and limitations of the material published on the podcast. 

Since the war in Iran began, fertilizer prices have been climbing steadily. US Gulf urea prices alone are up around 40% since the start of the conflict and nearly 80% year‑to‑date, putting intense pressure on farm economics. In several regions, farmer margins are now razor‑thin – or outright negative – raising the risk of reduced fertilizer use and significant cuts in planted wheat area ahead of the upcoming Southern Hemisphere wheat planting season. Join Carlos Mera and Sam Taylor as they discuss how the conflict in the Middle East and the effective double blockade of the Strait of Hormuz are reshaping fertilizer markets and key crops – and what that could mean for global agricultural production and food prices.     Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417272/disclaimer for information about the scope and limitations of the material published on the podcast.