ADMIS News
COCOA
While cocoa had a positive finish to last week, it continues to be weighed down by bearish near-term supply/demand factors. Although the longer-term demand outlook remains bullish, there is still no technical sign of a short-term low.
COFFEE
After making strong gains in April and May, coffee reached its highest level in almost five years on the first day of June, but over the next three weeks prices fell more than 10%. Despite the setback, coffee’s bullish supply outlook remains intact and can help to strengthen upside momentum.
COTTON
December cotton closed higher on Friday after trading to its highest level since June 14. Concern that Delta and southeastern US growing areas have received too much rainfall in the wake of Tropical Storm Claudette lent support to the market last week. However, Texas has been receiving copious amounts of rain this past week, which has been viewed as beneficial for the crop.
SUGAR
While it is still down for the month and below its early June consolidation zone, sugar finished last week with 3 positive closes in a row and 2 closes in a row above its 50-day moving average. While there have been bearish near-term developments over the past few weeks, sugar’s longer-term supply outlook remains bullish which can help the market maintain upside momentum.
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