ADMIS News
COCOA
Cocoa prices saw volatile action during the first quarter, and once again could not sustain last week’s recovery move. With near-term demand concerns remaining a front and center issue for the market, cocoa is likely to remain on the defensive. In addition, ongoing COVID lockdowns in several Chinese cities weighed on cocoa’s near-term Asian demand outlook.
COFFEE
Coffee prices survived a retest of the mid-March lows and finished last week’s trading on an upbeat note. While the market will continue to have questions on near-term demand prospects, coffee is seeing bullish supply developments that can help the market maintain upside momentum.
COTTON
May cotton closed lower for the second day in a row on Friday as the bearish USDA report continued to sink in. The market closed 14.57 lower for the week, a 13% decline. The dollar was higher and crude oil and the stock market was lower, all of which was negative for cotton. On top of very poor soil conditions in the key US producing areas, pink bollworm issues in India have helped drive the market up to all-time high pricing.
SUGAR
Sugar prices finished last week within a fairly tight consolidation zone within striking distance of a new 4-week highs. While global risk sentiment and key outside markets have seen mixed results over the past few weeks, sugar continues to see bullish supply developments that can help to extend an upside move.
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