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Cocoa will have to deal with near-term demand concerns at least through the end of January, and that alone will make it difficult to sustain upside momentum. The cocoa market is receiving badly-needed carryover support from several key outside markets, however, and that may be more evidence that Monday’s wide-sweeping outside day session may have also produced a longer-term low.


Coffee’s whipsaw price action this week has resulted in all 3 daily closes within a 35 point range. The market continues to hold its ground and is on-track for a quarterly gain and a second positive monthly result in a row.


March cotton closed higher on Wednesday, recovering about half of its losses from Monday. The market did not seem to be too shaken up by President Trump’s threat to veto the COVID relief bill, and neither did the stock market which closed higher on the day.


Sugar’s recovery move this week has put the market back on track for a positive monthly reversal, an eight positive monthly result in a row and a third positive quarterly result in a row. Although there have been bearish supply developments, a rebound in the global demand outlook and stronger global risk sentiment has helped support.

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