2026-27 年农产品基本面更新_全球农产品供应持续下滑，2026 年波动率将从当前压缩水平回升

Global Commodities Research 12 November 2025 2026/27 Agricultural Commodities Fundamentals Update: Volatility to return off compressed levels in 2026 as global agri availability continues to slide November 2025 Tracey Allen (44-20) 7134 6732 tracey.l.allen@jpmorgan.com J.P. Morgan Securities plc See the end pages of this presentation for analyst certification and important disclosures. Agenda | Agricultural Commodities Fundamentals Update | Page No. | | --- | --- | | Agri commodity inventory, STU and price ...