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Latest From John Buckley
Concerns about dry weather in Europe and Brazil denting crop yields failed to stop speculative selling again weakening the chart profile for sugar futures.
Fund short-covering early in the week helped take cocoa off near six-month lows but appeared to be running into headwinds again later from higher origin crop forecasts.
Attempts to rally coffee futures off their recent multi-year lows again fizzled for lack of fund/trade follow-through and reports of accompanying selling by Brazilian and Colombian arabica producers.
Rapeseed futures stayed fairly firm this week, drawing continued support from a firmer soy complex, recent reductions in EU crop estimates and some potential weather issues in Canada.
With a little help from a Malaysia’s weakening ringgit currency, palm oil prices managed to edge off their recent lows on the Malay Bursa this week before softening Thursday with weaker soy oil prices in Chicago.
The US trade spat with China seems to be hurting the latter’s feed users as much – if not more than – the US soy industry.