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.
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.
Cotton traders were anticipating some beneficial economic news from China, Europe and the U.S. to keep short-term demand ideas intact. Demand has turned softer lately as export sales have decreased, but the better economic news keeps hopes of a rebound alive.
U.S. oil production is soaring, hitting the highest level in 22 years at 7.55 million barrels a day! Oh sure U.S. oil supplies fell by 2.8 million barrels but that was mainly because U.S. refiners went on a tear producing product.