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Latest From John Buckley
Cocoa futures remain near the top end of their past three-year range, awaiting proof that approaching African mid-crops have had enough recent rain to end drought threats and turn large numbers of flowers and young pods into a decent harvest.
Sugar has had less help from energy markets recently, firming ideas that Brazil will switch more of its cane crush from ethanol to the sweetener.
Recently weaker coffee futures failed to maintain a partial rally, despite hitting three-week highs at one stage.
Weakening palm and soy oil prices, still ample supplies in Canada’s commercial pipeline and transport blockages to export ports saw Winnipeg canola futures relinquish another chunk of their recent rally.
Back in January it was suggested India’s switch to Indonesian palm oil might see other customers seeking more from Malaysia – a trend that could be encouraged in palm’s many price-sensitive developing country markets by its oil becoming the cheaper of the two.
January’s record monthly US soy crush made a supportive headline but masked the pileup of oil product stocks with processors – oil reaching a 22-month high.