ADMIS News
COCOA
Cocoa prices were unable to follow through on Monday’s daily reversal as they were pressured by key outside markets. While the near-term supply outlook remains uncertain, cocoa should benefit from steady improvement in global demand and hold its ground above Monday’s low.
COFFEE
Coffee prices continue to see coiling action that has respected both the mid-October lows and its 50-day moving average. With bullish supply developments and improving global demand providing underlying support, coffee may be setting the stage for a sizable upside move fairly soon.
COTTON
The USDA report came in bearish for the US numbers and bullish for the world number, and the cotton market seemed to take its directions from the world numbers. December cotton closed sharply higher after trading to its highest level since the contract high day of November 2. From the USDA report, US 2021/22 cotton production came in at 18.20 million bales, up from 18.00 million in the October report and above the average expectation of 18.04 million.
SUGAR
Sugar prices may have lost upside momentum, but they have closed above their 50-day moving average for 3 sessions in a row for the first time since early October. If key outside markets remain strong, sugar can extend its November recovery move to a new 4-week high.
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