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Latest From John Buckley
New York arabica futures exceeded 120¢/lb on the front month this week for the first time since early-June as Brazil’s soaring currency jolted speculators into a short-covering spree.
Cocoa futures continued their bounce-back from early October lows despite mostly encouraging news from the supply side and limited help from the latest European grind data.
What seemed an interminable decline in world sugar prices as recently as last month, has been replaced by a startling rally, New York raw sugar futures putting on as much as 34% from their September low to this week’s traded peak.
The recently rain/snow-delayed Canadian harvest has continued to risk deterioration of crop quality in worst-affected areas, keeping farmer selling slow and sellers on guard, market reports suggested this week.
Under threat of spoilage from untimely wet weather, US soy futures jumped to two-month highs early this week, shrugging off the looser supply situation portrayed in last week’s USDA/WASDE forecasts.
Strength in soy oil, palm’s key rival for global trade, proved of limited help this week as the latter market refocused on disappointing export trade.