ADMIS News
COTTON
Cotton closed higher after the USDA Prospective Plantings Report came in with lower-than-expected cotton acreage for 2021. The market recovered from heavy losses before the report. The report put US cotton planted acreage at 12.036 million acres versus an average expectation of 12.147 million and a range of estimates from 11.4 million to 13.0 million.
COCOA
Cocoa prices have completed a brutal month of trading more than 300 points below their early month highs as the market has not been able to overcome concerns with the near-term demand outlook. Until European COVID cases start declining and Euro zone lockdown measures are relaxed, cocoa will have a tough time regaining support.
COFFEE
Coffee prices have lost 10.00 cents in value over the past 2 weeks as they have been weighed down by near-term European demand concerns. There have been few changes to what remains a bullish supply outlook, so coffee’s price action on Wednesday could be an early sign that a near-term low may be in.
SUGAR
After finding their footing earlier this week, sugar prices fell back on the defensive to finish the month and quarter on a downbeat note. While it continues to find pressure from key outside markets, sugar has received some bullish supply/demand developments that put prices closer to a near-term low.
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