Written Commentary
COCOA
Cocoa continues to see downside follow-through from Monday’s year-opening outside down session. While the market continues to face near-term demand concerns, recent bullish supply developments can help cocoa prices to find their footing.
COFFEE
Coffee prices have been unable to find their footing so far this year as demand concerns remains a front and center issue for the market. In spite of a bullish supply outlook, coffee may see more downside price action before the market can find a near-term floor.
COTTON
March cotton closed lower yesterday after trading to a new contract high earlier in the session. The market seemed to be running strong until midday when protesters stormed the US Capitol building, forcing members of the House and Senate and staff to seek shelter and postponing the business of the day.
SUGAR
Sugar continues to climb further into multi-year high territory in spite of Brazil remaining on track to reach a record high export total this season. A brighter global demand outlook has been a key factor in a more than 2.00 cent rally over the past 3 1/2 weeks.
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