Cocoa futures markets looking for direction?

After a four-week low Tuesday, Jul-21 NY cocoa consolidated later in the week below its 20-day moving average, closing the week straddling Fibonacci retracement support above $2,410. Jul-21 London cocoa closed Thursday at a four-week low but was likely to rebound slightly in an [...]

April nut shipments historically high

Net U.S. almond shipments were an April record at almost 250.0 million pounds, inshell equivalent, up 38 percent YOY but down about 6 percent from March. Including shipments, the industry sold position was over 84 percent sold on total supply at the begging of [...]

Lack of water blamed for power outages across Ivory Coast

Government officials are blaming lack of rain and low reservoir levels used to feed hydroelectric power plants as the cause for rolling blackouts across the country. Major port cities like Abidjan that are the industrial engines in the country and major centers of population, [...]

Soybeans trickle down below $16 per bushel

Last week, the U.S. soybean crop was well ahead of average planting pace, at 61 percent planted vs. the 37 percent five-year average. Futures slid all week, falling 77 cents per bushel on the July contract to $15.26 per bushel. The market’s focus last [...]

Nearby domestic #16 sugar sees new nine-year high

On Thursday, Jul-21 #16 domestic raw sugar futures closed at psychological resistance of 33.00, a contract high and the highest settle for a nearby sugar contract since spring 2012. After five closes above the upper Bollinger Band, the contract could break from the recent [...]

Orange production estimates unchanged in May

In its May citrus report, USDA made no changes to estimated domestic orange production. Florida early-midseason orange production in 2020/21 is seen at 22.7 million 90-lb boxes, California at 42.0 million 80-lb boxes, and Texas at 1.0 million 85-lb boxes. For Valencia oranges, 2020/21 [...]

Palm oil stocks dwindle on higher use, lower imports

Disappearance of refined palm oil from stocks (an indicator of utilization) for use in edible processing totaled 224 million pounds in March, a pickup from weaker use we saw in January and February. Disappearance in Q1 2021 showed year-over-year growth, but we may not [...]

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