After four positive trading sessions this week in the December Cocoa futures, the contract took a pause and pulled back to the 2230 support level Thursday. Although most signs point to the potential of more upside, 2280 provided resistance technically. During Friday’s morning trading session, we saw this level hold again.
Production seems to be lower in cotton, so prices should move higher. Another factor that could come into play is the tropical storm Dorian headed for the coast. Cotton in Florida could be greatly affected.
The current cocoa trade could be broken up between short-term and long-term outlooks. Global equities have caused short-term trade to be volatile.  
Hedge funds increased bearish bets on Natural Gas futures by 37,238 contracts as of July 23, according to CFTC Commitment of Traders report on Friday.
Cotton was higher as the buyers appeared once again to cover short cash market positions. Trends remain up and the tone of the market remains positive.
Cotton was a little lower on some follow-through selling in response to the USDA reports released on Friday that showed ample production and supplies for the U.S.
Sugar futures were higher on Friday and higher for the week.


It was a lower week for cocoa futures as the fortunes in the weather market began to turn. Prices went lower as rains began to fall in West Africa.

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