ADMIS News
COCOA
While cocoa’s near-term demand concerns remain a front-and-center issue, the longer-term demand outlook should continue to improve as COVID vaccines receive more widespread distribution around the globe. If West African mid-crop production does not live up to early market expectations, cocoa should be able to extend a recovery move.
COFFEE
Coffee prices regained upside momentum late last week and are within striking distance of the highest price level since December 2019. With more evidence of a bullish supply outlook and stronger global risk sentiment, coffee is in good position to extend its April rally.
COTTON
The new high for the move for December cotton overnight and the push lower is a negative technical development if the market closes significantly lower. Friday’s rally pushed the market up to its highest level since March 8. Sharply higher prices for corn, wheat, and soybeans last week have finally put some upward pressure on cotton, which will be competing for acreage with those crops.
SUGAR
While sugar prices ran out of near-term upside momentum late last week, they remain within striking distance of new multi-year highs. July sugar avoided downside follow-through from Thursday’s negative key reversal and retested the contract high Friday.
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