Futures closed lower in New York and in London and both markets held to the recent trading range. Continued increases in certified stocks in New York have hurt the bull case and helped stall futures at current price levels.
Coffee was lower as Ecom refuted the Volcafe production estimate released on Monday and said that Brazil will indeed have a very big production this year. Reuters said that offers of coffee from Vietnam had increased.
Over the crazy holiday season, soybeans fell sharply as the trend drastically and swiftly changed. This change in trend happened very quickly and with lower than normal volume over the abbreviated holiday trading season. I expect this trend to continue.