ADMIS News
COCOA
Cocoa continues to receive evidence of lukewarm to sluggish near-term global demand that have weighed on prices since late November. Reports of cocoa beans piling up at Ivory Coast farms and co-ops have weighed on prices this week as that points towards sluggish near-term demand.
COFFEE
After a downbeat start to the week, coffee prices have found their footing after receiving bullish supply news. If global risk sentiment continues to mend, coffee prices can extend to the upside.
COTTON
March cotton broke out to a new contract high yesterday and closed strong. The nearby contract traded to its highest level since early September 2018. The dollar was down sharply, trading to its lowest level in a week, and the S&P 500 traded to a new high.
SUGAR
Since the day that it posted a new 33-month high, sugar prices have only had one positive daily result over the following 4 sessions. The market is in danger of breaking a 5-week winning streak with a negative key weekly reversal, so sugar is going to need carryover from key outside markets to avoid an increase in long liquidation selling.
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