Coffee closed lower after trading both sides of unchanged. It was a low volume session as traders try to figure out the real production estimate for Brazil. There are still higher estimates around, and no one is sure what is going on there.
Orange juice closed a little higher on follow-through buying from the lower than expected Florida production estimates provided by USDA. The greening disease could cause reduced production for the next few years.
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.
Cocoa closed lower on follow through speculative selling tied to increasing certified stocks in New York and increased certified stocks. Charts show that trends are down for the short term. Speculators are liquidating longs at this time.