Wheat fall drives down non-energy commodities
Commodities continued to decline in April, as an early spring drives down global wheat prices, Mike McGlone, senior director of Commodity at S&P Indices has said.
The S&P GSCI fell in April, with the S&P GSCI Non-Energy index losing 2.97%. Agriculture has been the biggest drag on index returns so far in April, as measured by the S&P GSCI Agriculture 3.94% decline, which resulted in a 2.10% YTD decline.
Agriculture makes up about 14% of the base S&P GSCI. Within the agriculture sector, wheat has been the biggest drag, as measured by the 7.04% YTD decline in the S&P GSCI All Wheat index.
The S&P GSCI Kansas Wheat index ended April 19 as one of the worst performing YTD single commodity indices in the S&P GSCI with a decline of 12.02%. Early spring weather has extended agriculture cycles, increasing downward pressure on prices.