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.
Ivorian port cocoa arrivals have been very strong. Since the main crop harvest began in October, 868,000 tonnes of cocoa beans have been delivered. That compares with just over 600,000 tonnes at this juncture of the marketing year over the past few seasons.
Cotton closed higher on ideas that good demand can continue and on speculation that the USDA will show less production in its annual reports next week. Demand has held together better than expected by many analysts.
A gnat-sized insect, the Asian citrus psyllid, forced Dean Mixon to replace about 1,000 orange trees in the past two years on the 50-acre Florida farm his grandfather started in the 1930s. The bug spreads a disease called citrus greening.