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European Softs Futures Prices

Thu, Jun 20th, 2019
[[ timeframe ]] futures price quotes as of Thu, Jun 20th, 2019.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.

Futures Market News and Commentary

Cotton Shrugs Off Supportive Outside Markets on Weak Export Sales Data

Cotton futures are down 27 to 133 points in most contracts on Thursday, mainly from poor export sales data. The dollar index is down 577 points at midday, with crude up $2.90/barrel. The weekly Export Sales report showed old crop upland bookings at a net reduction of 119,275 RB in the week of June 13. China cancelled 69,939 RB, with 84,600 RB in net reductions for Turkey. New crop sales totaled 221,829 RB, the second highest this MY. Turkey purchased 98,200 RB of new crop, with China buying 49,444 RB. The Cotlook A index for June 19 was up 50 points from the previous day to 77.50 cents/lb. The weekly Average World Price (AWP) from USDA is 58.97 cents/lb through Thursday, and will be updated later today. Jul 19 Cotton is at 64.06, down 132 points, Oct 19 Cotton is at 65.6, down 133 points Dec 19 Cotton is at 66.52, down 64 points Mar 20 Cotton is at 67.220, down 27 points --provided by Brugler Marketing & Management
Cocoa Prices Fall to 1-1/2 Week Low on Forecasts for Drier Conditions in West Africa

September ICE NY cocoa (CCU19) this morning is down by -53 (-2.11%) and September ICE London cocoa #7 (CAU19) is down -36 (-1.94%). Cocoa prices dropped to 1-1/2 week lows this morning on weather forecasts for drier conditions in West Africa, which should alleviate flooding concerns and allow farmers to deliver their cocoa beans to ports. Cocoa production remains solid as Monday's data from the Ivory Coast government showed that Ivory Coast cocoa farmers sent 2.065 MMT of cocoa to ports during Oct 1-Jun 16, up +16.7% from the same time last year. Cocoa production also remains strong in Ghana after data from the Ghana Cocoa Board last Tuesday showed that cocoa purchases from Ghana farmers during the first 33 weeks of the harvest (Oct 5 through May 23) rose +4.0% y/y to 751,185 MT. Another possible negative for cocoa prices was last Friday's data showing that money managers boosted their net-long positions in NY cocoa to an 11-month high of 31,250 contracts in the week ended Jun 11, which increases the threat of long liquidation pressure. Cocoa prices rallied to 1-year highs last week after Ivory Coast and Ghana processors and buyers last week agreed to set a minimum price of $2600/MT for the 2020/21 season, although there is some concern that the high minimum price will result in overproduction. Another supportive factor for cocoa prices is the recent outbreak of the swollen shoot virus in Ghana that causes smaller cocoa beans and reduces yields after Ghana's Cocoa Board on May 28 said it may need to cut its Ghana 2018/19 cocoa crop estimate to 800,000 MT from a prior view of 850,000 MT.
Arabica Coffee Prices Move Higher for a Second Day on Threatening Weather in Brazil

September arabica coffee (KCU19) his morning is up by +3.65 (+3.73%), and Sep ICE robusta coffee (RMU19) is up +46 (+3.35%). Coffee prices are moving sharply higher for a second day on coffee crop concerns in Brazil after Somar Meteorologia on Wednesday forecast heavy rain and wind next week for Minas Gerais, Brazil's biggest arabica growing region, that may slow the coffee harvest and bean drying and may cause beans to fall from trees. Sep arabica coffee early Wednesday fell to a 3-week low and Sep robusta fell to a 4-week low on ample coffee supply in Brazil after data from Conab showed Brazil coffee inventories held by companies and growers jumped +31.6% to 12.9 mln bags as of March 31, the most in three years. On the positive side was the USDA's bi-annual report last Friday where the USDA projects global 2019/20 coffee production will fall -3.1% to 169.13 mln bags as Brazil's Arabica trees enter the off-year of the biennial production cycle. The USDA also projects that global 2019/20 coffee consumption will climb +2.5% to a record 167.92 mln bags, which will reduce global 2019/20 coffee ending stocks by -7.7% y/y to 33.545 mln bags. Current coffee supplies have tightened after ICE-monitored coffee inventories dropped to an 8-1/2 month low of 2.381 mln bags Tuesday, down from March's 4-3/4 year high of 2.503 mln bags.
Sugar Prices Remain Weak on the Outlook for Ample Global Sugar Supply

October NY world sugar #11 (SBV19) this morning is down -0.01 (-0.08%) and Aug ICE London white sugar #5 (SWQ19) is down -0.10 (-0.03%). Sugar prices are under pressure today although Oct NY sugar remained above Wednesday's 1-week low. There is negative carry-over from Monday's comments from the CEO of sugar producer Copersucar, one of Brazil's top sugar exporters, who said that global sugar inventories are still high and that recent weather in Brazil has benefited fields and encouraged sugar cane plantings. Last Friday's report from the Indian Sugar Mills Association (ISMA) continues to undercut sugar prices on news that India's sugar mills expect to export a record 7 million MT of sugar in 2019/20 to reduce its huge stockpiles, up from 3 million MT in 2018/19. Sugar prices recovered from their worst levels today after crude oil prices jumped to a 3-1/2 week high, which benefits ethanol prices and may prompt Brazil's sugar mills to boost ethanol production at the expense of sugar production.
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