USDA report showed higher-than-expected quarterly and annual wheat production, sending the wheat markets lower for the week. Vegetable oils edged higher.
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.
Hurricane season on some states causes speculative buying on FCOJ. Corn and soybeans are looking bright as both crops closed strong on Friday.
Wheat is looking optimistic as spring plantation offsets previously weak crop productions. Orange juice is possible to rally behind due to bad weather.
As Mexico challenges U.S. tariffs, rice imports struggled to keep up. Cotton delivers another success following its triumphant harvest last week.
Cotton maintains a strong export demand despite uneven planting and dry weather. Rice moves down for now but plantation is starting to progress.
Cotton production trends as demand and price are looking good for July futures. Orange juice and coffee rally due to the rainy season.
Weekly charts closed strongly for palm oil and vegetable oils as stock and demand rise due to a trade shift in the US-China dispute.
Favorable weather pushes for an increase in wheat production. Orange juice, coffee and sugar stocks remain consistently high in the weekly charts.