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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.
Florida fruit harvesting makes for a higher orange juice production this week. Palm oil closed higher despite the short week due to Malaysian elections.
More soybean and soybean meals were sold last week in anticipation of China’s retaliation against the Trump administration’s trade tariffs.
