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Softs Futures Prices

Fri, Sep 18th, 2020
[[ timeframe ]] futures price quotes as of Fri, Sep 18th, 2020.
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Futures Market News and Commentary

Cotton Closes in Red Friday

Despite the late week slides lower, Dec futures were 85 points above last Friday’s close. On Friday, the front month futures ended the session down 17 to 21 points. Damage from hurricane Sally is not yet known, but some reports show seeds sprouting in the open bolls (DTN). The CoT report showed managed money’s net long was 3,364 contracts stronger wk/wk on short covering. On 9/15, managed money was 49,828 contracts net long and commercials were 111,896 contracts net short. Thursday sales on The Seam were 951 bales at 48.86 cents/lb. WTD sales through Thursday on The Seam were 20,172 bales with a wtd ave price of 58.78 cents/lb. The Cotlook A index for Sept 17 was firm at 71.65 cents/lb. The AWP for cotton was raised 1.11 cents for the week to 50.88 cents/lb. That reduced the LDP to 1.12 cents.

Oct 20 Cotton closed at 64.16, down 19 points,

Dec 20 Cotton closed at 65.66, down 19 points

Mar 21 Cotton closed at 66.58, down 21 points

... Read more

Cocoa Prices Settle with Moderate Gains as They Consolidate Below the Recent 6-1/4 Month High

Dec ICE NY cocoa (CCZ20) on Friday closed up +41 (+1.58%). Dec ICE London cocoa #7 (CAZ20) closed up +14 (+0.75%).

Cocoa prices on Friday settled higher as they remain range-bound between last Tuesday's 3-week low and the 6-1/4 month high from Sep 3. Cocoa prices have support from concern that political unrest in the Ivory Coast could disrupt cocoa supplies ahead of the country's presidential election on Oct 31. The Ivory Coast government on Tuesday extended a ban on public protests until Sep 30 "in order to prevent disturbances of public order." Violent protests have emerged in the Ivory Coast against President Alassane Ouattara's announcement last month that he will seek a third term.

Cocoa prices also have support from signs that Ghana cocoa farmers are hoarding their cocoa supplies on expectations for higher prices. The Ghana government is expected to raise the farm gate price for cocoa by +21% after implementing a $400 per MT premium on cocoa prices starting Oct 1... Read more

Sugar Closes with Moderate Gains After Crude Oil Climbs to a 2-Week High

Oct NY world sugar #11 (SBV20) on Friday closed up +0.15 (+1.19%). Dec London white sugar #5 (SWZ20) closed up +3.30 (+0.90%).

Sugar prices on Friday rallied for the fourth day with NY sugar at a 2-1/2 week high and London sugar at a 3-week high. An early rally in crude oil on Friday supported gains in sugar. Crude oil rose to a 2-week high Friday, which benefits ethanol prices and may prompt Brazil's sugar mills to divert more cane crushing toward ethanol production rather than sugar production, thus curbing sugar supplies.

Sugar prices on Monday tumbled to a 7-week low on the outlook for abundant global sugar production. India's Meteorological Department last Friday said India's monsoon rain so far this year is +7% above normal as of Sep 6, which will benefit India's sugarcane yields. Also, Czarnikow Group estimates that India 2020/21 sugar production will climb +20% y/y to 32.5 MMT. India is the world's second-largest sugar producer. India's farm ministry on Friday... Read more

Coffee Prices Sink to 5-Week Lows on Improving Weather Outlook in Brazil and Weakness in the Brazilian Real

Dec arabica coffee (KCZ20) on Friday closed down -4.50 (-3.81%). Jan ICE Robusta coffee (RMF21) closed down -29 (-2.07%).

Coffee prices on Friday tumbled to 5-week lows. An improving weather outlook in Brazil is weighing on coffee prices. Somar Meteorologia on Wednesday said that beneficial rain starting Sep 21 in Minas Gerais will lead to widespread coffee flowering and boost the yield of Brazil's 2020/21 coffee crop. The forecasts for beneficial rain in the coffee-growing areas of Brazil have sparked massive long liquidation of coffee futures by funds this week.

Losses in coffee accelerated Friday afternoon when the Brazilian real sank -2.05% to a 1-1/2 week low against the dollar. A weak real encourages export-selling by Brazil's coffee producers.

A sizeable long position by funds raises the threat of long liquidation pressure. Last Friday's Commitment of Traders (COT) report showed that funds boosted their net-long positions in ICE arabica coffee futures by... Read more

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