Super El Niño + Russia-Ukraine/US-Iran Conflicts = Agricultural Price Rally Cycle for Next Six Months

Citi's chief analyst team maintained a bullish stance on grains and oilseeds in its latest report, raising price targets for corn, wheat, and soybeans across the board. The report noted that four factors—a super El Niño probability exceeding 90%, Black Sea shipping disruptions, expanding biofuel demand, and high fertilizer and energy costs—are converging to tighten global agricultural supply and demand over the next 6 to 12 months.