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Impressive Tech Action in Sugar

COCOA

While the market has been underpinned by near-term supply issues, cocoa continues to deal with an uncertain global demand outlook. March cocoa fell to a new 3-week low. A sizable early rally in the British Pound provided cocoa with carryover support.

COFFEE

Coffee prices have maintained their coiling price action over the past 6 sessions, but continue to hold their ground above the late November lows. While lukewarm global demand remains a concern, near-term supply issues for several major producing nations have underpinned coffee prices this week.

COTTON

March cotton broke out above its recent consolidation and traded to its highest levels since November 30th. The trade apparently is more optimistic about future demand as vaccines are being rolled out in Britain and now Canada. The trade is looking for slight reductions in US and world ending stocks in Thursday’s monthly WASDE report.

SUGAR

Sugar prices have broken out of their late November/December consolidation zone to the upside, and did so with little carryover support from key outside markets. Although the catalyst for sugar’s turnaround was near-term bullish supply news, further upside may be difficult to find unless global risk sentiment takes a positive shift.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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