There is still too much sugar around the world market as many traders think the surplus production for this year could be over 4.0 million tons. Thai offers are strong and differentials are holding steady.
Cocoa closed higher in consolidation trading. However, price action overall remains weak. Supplies from West Africa have increased and the market has more Cocoa to work with for at least the short term.
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.