ADMIS News
COCOA
After reaching a new 7-month low last Thursday, cocoa prices have found near-term strength and are within striking distance of a positive result for the second quarter. September cocoa was able to rebound from early pressure to close higher yesterday.
COFFEE
The global supply outlook remains bullish, so the coffee market is likely to be well supported on a near-term pullback. September posted a new 3-week high early yesterday, but lost strength before finishing with a moderate loss.
COTTON
The trade seems to be expecting today’s Acreage report to show cotton losing planted area to corn and soybeans, because of the sharp rallies in corn and soybeans this spring. The average pre-report estimate for US cotton area is 11.856 million acres (range 11.5-12.4 million), which would be down from 12.036 million estimated in March and 12.093 million last year.
SUGAR
The bullish supply outlook should help the market stay fairly well supported on a near-term pullback. October sugar rallied to a new 2 1/2 week high, but finished with a mild loss yesterday. Reports of potential frost conditions this week over some of Brazil’s Center-South cane-growing areas provided early support.
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