Corn concerns on the rise

Dec-23 corn futures continued to move higher last week to $6.28 per bushel (a five-month high) as of close Jun. 21 before falling back to $5.88 per bushel as of close Jun. 23. Spot Jul-23 futures closed at $6.30 per bushel Jun. 23 but [...]

Nearby NY cocoa returns below $3,000 per MT

Jul-23 NY cocoa found support midweek from above $3,010 to $3,000 but broke lower to settle May 26 at $2,991. Sep-23 NY cocoa broke support near $3,105 May 26, closing at $3,006. For both contracts, RSI and MACD remain neutral, while the stochastic is [...]

Mexico sugar prices still rising as production lags

CNDSCA reported Mexico 2022/23 sugar output through May 13 at 5.10 MMT, down nearly 13 percent YOY, matching the YOY drop that USDA expects for the entire season.  USDA forecasts 2023/24 production rebounding nearly 10 percent YOY—assuming no challenging weather from now until the [...]

Soybean exports to China continue to decline

U.S. soybean exports for the week of May 11 declined by 54 percent from the previous week, putting accumulated shipments at 47.7 MMT (1.8 billion bushels). Weekly net export sales declined to 16,950 MT. Outstanding sales were down to 3.1 MMT (114 million bushels). [...]

Cocoa futures reach fresh record highs

Jul-23 NY cocoa rebounded by $77 May 19—the largest one-day gain in this contract’s history—to reach a fresh high of $3,068, breaking prior resistance around $3,025 and $3,050 and the upper Bollinger Band near $3,056. RSI is neutral still at 60.8 percent; MACD and [...]

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