ADMIS News
COCOA
July cocoa was unable to hold onto early strength and fell to a new 3-week low yesterday. The latest Ivory Coast weekly port arrivals total came in well above the comparable period last year, which pressured the market as it indicated the market is currently well supplied.
COFFEE
Coffee prices have dealt with near-term demand issues, lukewarm global risk sentiment and sluggish key outside markets to hold their ground near the early May highs. A bullish 2021/22 supply outlook was reinforced by updated estimates for the world’s top-producing nation that should keep coffee well-supported at current price levels.
COTTON
With the improving moisture profile for Texas, the market looks vulnerable to additional long liquidation selling. December cotton closed lower yesterday after trading higher earlier in the session. The dollar was weaker, with the June Dollar Index falling below its February low and trading to its lowest level since January 7, and this lent some support to cotton.
SUGAR
Sugar prices remain well below their early May highs, but they have lifted clear of their late April lows in spite of little carryover support from their key outside markets. While there are growing demand concerns from the world’s top-consuming nation, bullish supply developments can help sugar to maintain upside momentum this week.
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