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Annual inflation in Paraguay eased to 1.9% year-over-year in March 2026, down from 2.3% in February and marking the lowest level since October 2020. Food prices rose 3.1% following 6.2% inflation in February, while other goods prices fell 1.4%. Overall goods inflation stood at 0.8%. Services inflation was 3.9%, little changed from 3.8%, while income inflation was 0.6%. Fuel prices fell 2.6% after declining 12.1% in February, with deflation decelerating sharply amid Middle East oil supply concerns. Core prices rose 2.2% after rising 2.6% in February. On a monthly basis, consumer prices were 0.8% higher, following a flat reading in the prior month.

Paraguay's Inflation Eases to Lowest Since October 2020

Cotton futures surged past 71.6 cents per pound, reaching their highest level since late 2024 as market participants weigh a tightening global supply outlook against recent domestic planting data. Although the market experienced a brief sharp decline following the surprise acreage report it quickly recovered as traders shifted focus back to the prospect of a thinner global balance for the 2026-27 season. Actual acreage often deviates from early government estimates and this uncertainty is compounded by confirmed production cuts in other major producing nations such as Brazil, China and Australia. Higher crude oil prices resulting from the ongoing conflict in Iran continue to provide underlying support for cotton by increasing the cost of synthetic polyester alternatives.

Cotton Trades at October 2024 Highs

Wheat futures prices fell below $5.95 per bushel, marking a one-week low as forecasted rainfall across the United States Plains is expected to alleviate severe drought conditions in key growing regions like Kansas. This downward pressure persists despite ongoing geopolitical turmoil in the Middle East where the rejection of a ceasefire and threats to energy infrastructure have pushed fuel and fertilizer costs higher. While speculative investment funds recently adopted a bullish stance on Chicago wheat for the first time in nearly four years because of global supply risks, the immediate prospect of improved soil moisture has weighed on the market. Agriculture officials estimate that total United States wheat acreage will drop to its lowest level since 1919 as farmers finalize spring planting plans under the shadow of a virtual shutdown in the Strait of Hormuz. Market participants now await federal crop condition ratings and upcoming supply reports.

Wheat Drops to 1-Week Low

Brent crude futures rose to toward $111 per barrel on Monday as the market reacted to Iran’s formal rejection of a 45-day ceasefire proposal and President Trump's latest remarks. During a news conference President Donald Trump reiterated a strict Tuesday 8 p.m. deadline for Tehran to reopen the Strait of Hormuz or face the destruction of its power plants and bridges. Iran’s Foreign Ministry dismissed the temporary truce through Pakistani mediators and demanded a permanent end to hostilities and the lifting of sanctions as a prerequisite for any agreement. Physical market tightness remains with Dated Brent surging above $140 and Saudi Arabia raising its flagship Arab Light prices to a record premium of $19.50 over regional benchmarks. Traffic remains 90% below pre-conflict levels as major exporters face significant disruptions. Israel struck Iran’s largest petrochemical facility overnight while Tehran targeted energy infrastructure in Kuwait.

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