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.
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.
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.