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Latest From John Buckley
After weeks focused on heavy than expected Ivorian port arrivals, the cocoa market’s attention is swinging back towards the demand side of the ledger.
Raw sugar futures slumped by almost 8% from last week’s seven-week highs at one stage as disappointment at lack of new investment by Index funds triggered further speculative liquidation.
Contrasting supply trends have been reflected by prices of the two major coffee classes diverging in the opening weeks of the New Year, although both went ‘South’ this week.
Amid a dearth of fresh fundamental news, rapeseed futures have largely continued to follow swings in the much larger soybean complex – eventually bending lower this week.
Another rally attempt by palm oil markets met headwinds from mixed origin supply/demand data this week.
US soy futures came under selling pressure this week expecting the USDA to underline a surplus market facing strong export competition. US exports may not be lagging official projections by quite as much as their sister crop corn but are relied on to fill a far larger proportion of demand, around half versus corn’s 14%.