Futures closed lower once again. Demand is not strong and the harvest is active. Traders worry that China will not be a big buyer this year as the government there has been buying a lot and might have enough.
Cocoa closed higher in recovery trading. Bulls refuse to give up easily as they still see short production. Ivory Coast is estimating its production at about 1.4 million tons this year, about unchanged from last year.
Sugar was lower on ideas that funds got very long in the rally about 10 days ago and needed to exit the market. Buying interest has disappeared since the CFTC showed more longs than anticipated in the reports issued last night.
Coffee was lower again as the Vietnamese harvest started to ramp up. London markets held better as longs rolled positions from November to forward months and on ideas that the big Monday selloff was overdone.
Orange juice closed lower once again. The weather is still good and demand is still bad. There will be less production this year due to greening disease, but futures have no reason to rally as demand remains mostly on the weak side.
Futures were lower again in all three markets. There was no news around to spark buying interest from roasters or speculators, and not that much trading. Traders there are waiting for Vietnam to harvest and sell.