Futures closed higher on follow-through buying from the higher than expected export sales for the previous week. There are chances that the improved demand can continue.
Futures closed slightly higher as traders waited for the U.S. grind data. The U.S. processed 125,332 tons of Cocoa in the last quarter, up 4.4% from the previous year.
Sugar was lower and made new contract lows. The market is still preoccupied about the large supply overhang in the market and price action remains weak overall.
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.
Cotton closed lower after USDA showed higher U.S. production and export demand to leave U.S. ending stocks estimates unchanged. The trade had expected less ending stocks in the estimate.
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.
Futures moved to new contract lows as the market is still preoccupied about the large supply overhang in the market. The primary focus of the market remains big supplies.
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.
Orange juice closed higher on speculative buying tied to forecasts for some extreme cold in northern parts of the country, some of which could leak down to Florida.