CICC: Global Agricultural Commodities May Hit Cycle Turning Point in 2026, Sees Uptrend in H2

A China International Capital Corp (CICC) research note dated July 5 said global agricultural commodities may formally reach a cycle turning point in 2026 after a 2023-2025 inventory build and steep price declines, with prices across categories having largely bottomed out, according to 36Kr. CICC said it sees no basis for a one-way decline in major global agricultural commodities in the second half of 2026, citing cost support, supply contraction, weather-driven volatility and demand upside. The note ranked potential sector performance as oils and fats, cotton, natural rubber and sugar ahead of soybeans and corn, and said valuations pulled back to reasonable levels in the second quarter, recommending medium- to long-term positioning on dips for a long agricultural commodities trade.