SM Commodities Index – February 2023

The latest prices and key trends from the SM Commodities Index.

Steel scrap

Steel scrap prices are rising in the US mostly because of higher prices in global markets, according to S&P Global. The US and Northern Europe are the major scrap exporters to the world.

Rotterdam prices surged primarily on Turkish buying as the market expects strong demand to rebuild after the earthquake. US prices moved higher to equalise with European levels.

Wheat

The US hard red winter wheat flour price in February gained month-over-month, driven somewhat by dry conditions in the Great Plains but more from the spill-over support offered by the rally in corn and soybean prices.

Most recently wheat futures have turned very bearish as weather in the Great Plains turned positive, the prospect of the Black Sea Grain Corridor extension is presumed, and corn and soybean futures have collapsed.

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