Global agricultural availability is projected to remain near multi-year lows during the 2026-27 and 2027-28 harvesting seasons.

J.P. Morgan maintains a bullish recommendation on gold for the fourth consecutive year, with a price target of $5,000 per ounce by the end of 2026.

J.P. Morgan forecasts a bearish outlook for oil, with Brent crude prices expected to fall to $58 per barrel in 2026 and $57 in 2027.

Global oil supply is expanding at three times the rate of demand in both 2025 and 2026, driven by growth in the global offshore and shale sectors.