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Softs Futures Prices

Tue, Apr 7th, 2020
[[ timeframe ]] futures price quotes as of Tue, Apr 7th, 2020.
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Futures Market News and Commentary

Sugar Prices Close Lower on Concern the Pandemic will Undercut Global Sugar Demand

May NY world sugar #11 (SBK20) on Tuesday closed down -0.07 (-0.67%), and May London white sugar #5 (SWK20) closed down -1.70 (-0.51%).

Sugar prices on Tuesday moved lower with London sugar at a 4-1/2 month low. NY sugar is consolidating just above last Wednesday's 1-1/2 year low as sugar prices continue to be undercut by concern about weaker sugar demand due to the coronavirus pandemic. Researcher Czarnikow on Mar 24 cut its global sugar consumption estimate for this year by -2.0 MMT, citing a collapse in out-of-home food and drink consumption due to the closure of restaurants because of the coronavirus pandemic.

The recent plunge in crude oil prices to an 18-year low is another major bearish factor for sugar prices. Weaker crude oil prices undercut ethanol prices and may prompt Brazil's sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus boosting sugar supplies.

A supportive factor for sugar prices is strength... Read more

Cocoa Prices Close at 3-Week Highs on Strong Processing Demand and Smaller Supplies

May ICE NY cocoa on Tuesday closed up +44 (+1.86%), and May ICE London cocoa #7 (CAK20) closed up +10 (+0.53%).

Cocoa prices on Tuesday extended Monday's rally to new 3-week highs on signs of stronger demand and shrinking supplies. Data on Tuesday from Gepex, a group of six of the world's biggest cocoa grinders, showed Q1 Gepex cocoa processing rose +5.6% y/y to 139,821 MT.

Cocoa prices were already well-supported on news of smaller short-term cocoa supplies from West Africa. The Ivory Coast government reported on Monday that Ivory Coast farmers sent 32,263 MT of cocoa to ports during March 30-April 5, down -36.4% from a year earlier. However, cumulative deliveries are bearish with Ivory Coast cocoa farmers delivering a record 1.76 MMT of cocoa in its 2019/20 main crop (Oct-Mar), up +5.4% y/y.

Also, the Ghana Cocoa Board reported on Monday that it purchased 688,080 MT of cocoa from farmers Oct 1-Mar 19, down -0.8% from the same time last year.

The coronav... Read more

Arabica Coffee Settles at a 1-Week High on Strength in the Brazilian Real

May arabica coffee (KCK20) on Tuesday closed up +3.25 (+2.79%), and May ICE Robusta coffee (DFK0) closed up +12 (+1.01%).

Coffee prices on Tuesday rallied for a second day with arabica coffee at a 1-week high on strength in the Brazilian real. The real on Tuesday rose by +1.20% against the dollar to a 1-week high as it recovers from last Friday's new record low of 5.3225 reals/USD. A stronger real discourages export selling by Brazil's coffee producers. The real has carry-over support from Monday when Central Bank of Brazil President Neto warned that the central bank will watch for any kind of dysfunctionality in the market that would require central bank currency market intervention in support of the real.

The ongoing coronavirus pandemic has raised concerns about coffee supply disruptions in South America. Brazil's Sao Paulo state began a 15-day quarantine Mar 24 and Colombia put its entire population on a 3-week lockdown. Coffee-trader Volcafe told clients that the... Read more

Cotton Gains Continuing

The front month futures are adding to yesterday’s triple digit gain with 17 to 38 point advances at midday. Cotton futures closed the first trade day of the week up by 202 to 210 points. USDA’s Crop Progress report showed cotton was 7% planted in the 15 tracked states, compared to 5% from the same week last year. Texas (the largest production state) cotton progressed from 5% planted to 12% on April 05. The Cotlook A index was up a penny to 61.75 c/lb on April 6. The AWP for cotton is 42.63 cents/lb. through Thursday. The LDP is 9.37 cents/lb.

May 20 Cotton is at 53.22, up 17 points,

Jul 20 Cotton is at 53.25, up 17 points

Oct 20 Cotton is at 54.46, up 38 points

Dec 20 Cotton is at 54.44, up 32 points

--- provided by Brugler Marketing & Management

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