ADMIS News
COCOA
July cocoa fell sharply with a wide-sweeping outside-day down session with a sizable loss. A rebound in global risk sentiment provided early support as they may help to soothe near-term demand concerns. A moderate gain in the Eurocurrency gave an additional boost to the cocoa market as that can help out Euro zone grinders with acquiring near-term cocoa supply.
COFFEE
Coffee prices remain in close proximity to the May highs, but they have not seen a positive daily result since last Tuesday’s sharp updraft. Near-term European demand remains an area of concern, but coffee’s bullish supply outlook should help to underpin prices.
COTTON
December cotton closed slightly higher on the session yesterday after spending the day in a narrow range that was slightly lower than the close on Friday, but inside Friday’s range. Softer grain prices and rains in Texas were blamed for the lower action during the day, but a weaker dollar lent support and perhaps kept the market from trading lower than it did.
SUGAR
Sugar prices were able to find their footing after falling 1.70 cents below the May highs. While carryover support from key outside markets was critical to sugar’s positive turnaround, sugar also has a bullish supply outlook that helped it maintain the uptrend. Energy prices have followed through on Friday’s positive turnaround to post sharp gains and that provided sugar with carryover support, as this should give a boost to Brazilian domestic ethanol demand.
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