the macro environment remains key for agricultural commodities with rallies in crude the brazilian real and chinese yuan last week all helping push agricultural futures higher the macro mood feels much better after last weeks softer cpi inflation data dave whitcomb head of research at peak trading research said in a note investors are betting that the fed transitions to more dovish policies by mid2023 the us dollar is at 7month lows and fed pivot trades like gold copper and bitcoin are outperforming adding that the boost to this assets is also helping crop prices to recover much of this will depend on this weeks macro data with a raft of chinese economic data released earlier on tuesday and us ppi due wednesday that said chinese demand remains uncertain and according to fitch solutions remains a market risk in 2023 the country became the largest agricultural importer in 2019 fitch solutions said meaning that how it reacts to postlockdown measures will be a major factor when it comes to pricing as 2023 starts uncertainties related to chinas exit from its zerocovid policy and the authorities ambition to enhance domestic food security have coalesced and augur heightened market risks for the year ahead fitch solutions said in a note additionally flows of cheap grain from ukraine continue to suppress prices in the us with demand being undercut mr whitcomb added chicagowheat futures are down 17 to 731 a bushel on tuesday while corn is 08 lower to 670 a bushel demand concerns have been weighing on coffee prices with rabobank noting prices were down 93 last week in terms of sugar however marexs robin shaw said in a note that the consensus has moved on to a grudging admission that the tightness is real and has lasted since june and will not turn into a surplus overnight mr shaw said that lower yields in india transport delays higher consumption would help to mean that the surplus in the sugar market might not be realized till the end of 2023 coffee futures in new york were down 18 to 149 a pound raw sugar was 04 higher at 020 a pound while cocoa was 01 lower to 2649 a metric ton