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European Softs Futures Prices

Fri, Nov 22nd, 2019
[[ timeframe ]] futures price quotes as of Fri, Nov 22nd, 2019.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.

Futures Market News and Commentary

Midday Highs Again for Cotton

Cotton futures are up 50 to 82 points in the front months on Friday. Upland cotton export commitments are now 66% of the USDA projection (59% avg), with actual shipments 18% of the full-year forecast (16% avg). The 11/20 Cotlook A Index was down again for the third straight day, this time a full cent bringing the index to 73.40 cents/lb. The weekly update to the AWP for cotton was reduced 70 points to 56.36 cents per lb.

DEC 19 Cotton is at 62.66, up 82 points,

MAR 19 Cotton is at 64.74, up 73 points

MAY 20 Cotton is at 65.8, up 66 points

JUL 20 Cotton is at 66.64, up 50 points

--provided by Brugler Marketing & Management

Cocoa Prices Slip as Dollar Strength Spurs Long Liquidation

Mar ICE NY cocoa (CCH20) this morning is down -24 (-0.91%), and Mar ICE London cocoa #7 (CAH20) is down -4 (-0.21%).

Cocoa prices are moving lower today, although they remain above Thursday's 1-week lows, as a stronger dollar induced long liquidation in cocoa futures.

Cocoa prices on Thursday dropped to a 1-week low on data that showed strong cocoa output in Ghana, the world's second largest cocoa producer. The Ghana Cocoa Board reported on Thursday that it purchased 163,162 MT of cocoa from farmers during Oct 1-Nov 7, up +0.5% y/y.

Cocoa supplies are also adequate from the Ivory Coast, the world's largest cocoa producer. Monday's data from the Ivory Coast government showed that Ivory Coast farmers sent 88,855 MT of cocoa to ports during Nov 11-17, up +6.1% from the year-earlier period. Total arrivals for the season beginning Oct 1 are up +6.0% y/y to 533,952 MT.

Mar NY cocoa posted a contract high Monday and nearest-futures (Dec19) posted a 1-1/2 year ne... Read more

Coffee Prices Consolidate Following This Week's Sharp Rally

Mar arabica coffee (KCH20) this morning is down -1.70 (-1.46%), and Jan ICE robusta coffee (DFF0) is down -12 (-0.86%).

Coffee prices are weaker this morning as they consolidate after this week's sharp rally. Mar arabica coffee on Thursday rallied to a 4-month high and nearest-futures Dec coffee surged to a 1-year high on the outlook for smaller output and exports from Brazil. The USDA's Foreign Agricultural Service (FAS) on Thursday said Brazil 2019/20 coffee production may slide -10.5% y/y to 58 mln bags from 64.8 mln bags in 2018/19. The USDA's FAS also forecast that Brazil 2019/20 coffee exports will slide -14.7% y/y to 35.32 million bags.

A negative for robusta coffee was Thursday's projection from the Vietnam Coffee-Cocoa Association for Vietnam 2019/20 coffee exports to expand by +5% y/y to 1.6 MMT. Vietnam is the world's largest producer of robusta coffee. Robusta coffee prices have also been undercut by reports that Vietnam's Central Highlands, the country's l... Read more

Sugar Prices Climb on USDA Projections for Smaller Global Sugar Production

Mar NY world sugar #11 (SBH20) this morning is up +0.14 (+1.11%) and Mar London white sugar #5 (SWH20) is up +4.60 (+1.38%).

Sugar prices are higher today after the USDA in its bi-annual sugar report Thursday afternoon forecast that global 2019/20 sugar production will drop -3.2% y/y to 174.1 MMT and that global 2019/20 sugar ending stocks will fall -9.9% y/y to 49.58 MMT. The USDA also projects that global 2019/20 sugar consumption will climb +0.8% y/y to 174.684 MMT.

Sugar prices are seeing some support today from a +0.26% recovery in the Brazilian real from Wednesday's 4-year low, which discourages export selling by Brazil's sugar producers.

Sugar prices have support from the outlook for smaller sugar production in India after the Indian Sugar Mills Association (ISMA) on Wednesday reported that that India's sugar production during Oct 1-Nov 15 plunged -64% y/y to 485,000 MT. The ISMA on Nov 5 projected India 2019/20 sugar production will fall -19% y/y to 26.8... Read more

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