U.S. export demand for cotton has been poor in the last few weeks, while Vietnam is gearing to harvest its coffee but needs to free up...
Export demand for cotton needs to improve for prices to rally while coffee futures were high last week.
USDA report showed higher-than-expected quarterly and annual wheat production, sending the wheat markets lower for the week. Vegetable oils edged higher.
Coffee futures are under selling pressure on ideas of strong production. Wheat and corn edged higher for the week while other crops were lower.
World’s stock of rice increased to 144.4 million tons while despite low cotton prices, harvest has been active in the south.
Corn is preparing for the next round of USDA estimates while coffee production remains positive in Brazil and Vietnam.
Cocoa, palm oil, rice, cotton, frozen concentrated orange juice, coffee and sugar prices were lower for the week while wheat, corn and soybean edged higher.
Wheat and soybean closed lower last week following the latest USDA reports while sugar was also down on prospects of huge world production.
Coffee futures closed strong on daily and weekly charts in New York and held support on weekly charts in London.
Corn rallies are looking optimistic, closing strong on weekly export sales. US cotton futures are weak owing to bad crop conditions.