Cocoa closed lower on follow through speculative selling tied to increasing certified stocks in New York and increased certified stocks. Charts show that trends are down for the short term. Speculators are liquidating longs at this time.
Cotton closed higher on ideas that good demand can continue and on speculation that the USDA will show less production in its annual reports next week. Demand has held together better than expected by many analysts.
A gnat-sized insect, the Asian citrus psyllid, forced Dean Mixon to replace about 1,000 orange trees in the past two years on the 50-acre Florida farm his grandfather started in the 1930s. The bug spreads a disease called citrus greening.
Cotton traders were anticipating some beneficial economic news from China, Europe and the U.S. to keep short-term demand ideas intact. Demand has turned softer lately as export sales have decreased, but the better economic news keeps hopes of a rebound alive.
Sugar was lower again after trading both sides of unchanged. The primary focus of the market remains big supplies. Increased offers from India and Thailand combined with good supplies available from Brazil keep overall trends down.
Coffee was higher in all three markets as New York finally reacted to increased demand for Arabica and the lack of offer of Robusta from Vietnam. Roasters have turned to Arabica, although not enough to move New York futures out of the trading range.