Although the shifting dynamics of the softwood trade dispute would normally signal that the lumber market is due for some moderation after a summer-time surge in pricing, unexpected supply- and demand-side factors will support robust prices in the medium term.
InterContinental Exchange (NYSE) Arabica coffee Futures contract in the United States hit a six-week low on Wednesday, as raw sugar closed higher on short-covering, higher oil prices and stronger Brazilian currency against the United States dollar.
Cotton prices saw some recovery late last week as prices have been in a steady decline since the last USDA report was released. Short term trends have not turned back higher and the lows made last June have not been tested either.
InterContinental exchange (ICE) October raw sugar settled up 0.16 cent, or 1.2 percent, at 13.67 cents per lb, with an earlier run-up stalled by resistance around the 50-day moving average of 13.78 cents.
InterContinental Exchange (NYSE) Arabica coffee futures on ICE hovered below a 4-1/2-month high on Wednesday, taking a breather as prices reached technically overbought levels after supply concerns from top grower Brazil helped lift prices more than 25 percent.
Intercontinental Exchange (ICE) Raw sugar futures on ICE slipped further on Wednesday as bearish chart signals and an uptick in producer selling weighed October raw sugar was down 0.18 cent, or 1.21 percent, at 14.70 cents per lb by 1122 GMT.