COCOA
Cocoa’s lukewarm finish to last week has left the market well below its early March highs, but nearly 200 points above its mid-February lows. Although the near-term demand outlook remains in doubt, cocoa’s bullish longer-term demand prospect should keep the market well supported on near-term pullbacks.
COFFEE
Coffee prices have regained their strength following a sharp selloff to start out March and have lifted well clear of last week’s lows. While near-term demand remains uncertain, coffee has a bullish supply outlook that can help to extend this current recovery move.
COTTON
May cotton closed moderately lower on Friday but stayed inside Thursday’s range throughout the session and the market closed slightly lower for the week. The dollar index was moderately higher, which makes US cotton more expensive on the world market. Grain markets were weaker at times during the session, and this may have made cotton longs nervous.
SUGAR
Sugar prices have spent the first half of March seeing coiling price action within a consolidation range, but they are starting to receive carryover support from several key outside markets. For the week, May sugar finished with a loss of 27 ticks (down 1.6%) which was a third negative weekly result in a row.
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