ADMIS News
COCOA
Cocoa prices are in search of near-term support after losing 245 points in value (down 8.9%) in just 8 sessions. Rabobank forecast Africa’s 2021/22 cocoa production to decline 6% from last season, which will be a factor in a 2021/22 global supply deficit.
COFFEE
Coffee prices continue to have trouble sustaining upside momentum and remains well below their mid-October highs. While key outside markets remain a source of pressure, coffee has bullish supply/demand factors that should help it find its footing soon. Supply bottlenecks from shipping container shortages remain a source of strength for the market, and provided coffee prices with early support.
COTTON
December cotton closed sharply lower yesterday and the market looks set for a continued short-term downside correction. The outside day down is a negative technical development. The selling really accelerated after the release of the weekly export sales report.
SUGAR
Sugar prices are attempting to consolidate just above Tuesday’s low. Key outside markets are likely to be sources of headwinds late this week, but a bullish supply/demand outlook can help sugar prices find a near-term floor.
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