ADMIS News
COCOA
Cocoa prices were finally able to find their footing. With positive demand-side news not enough to provide underlying support, cocoa will need to find bullish supply news in order to regain upside momentum. Weather still holds bearish tilt. For the week, December cocoa finished with a loss of 143 points which was the largest weekly loss in 11 months.
COFFEE
Coffee prices fell more than 11.50 cents from Tuesday’s 2 1/2 month high as the market has been unable to shake off a coiling price pattern in place since early August. While unable to sustain upside momentum for more than 2 weeks at a time, coffee continues to have bullish supply/demand developments that provide the market with underlying support.
COTTON
December cotton closed higher on Friday, but well off their highs from earlier in the session. The market was limit up overnight Thursday/Friday, but it sold off in the wake of the disappointing export sales report. The report showed US cotton export sales for the week ending October 7 at 146,653 bales for the 2021/22 (current) marketing year and 10,648 for 2022/23, for a total of 157,301 bales.
SUGAR
Since pulling back from a retest of its contract high in mid-September, sugar prices have been in a coiling pattern. With crude oil prices climbing some $3 a barrel during the second half of September and another $7 during the first half of October, Brazil’s Center-South mills have an incentive to shift to more ethanol production which in turn should boost sugar prices.
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