Softs Report - Thursday, April 29

COCOA
General Comments: New York and London closed mixed to lower in range trading. The main crop harvest is over in West Africa and the mid crop harvest is active. Ports in West Africa have been filled with Cocoa. That is changing a bit as the governments of Ivory Coast and Ghana have given up on their fair wage scheme to try to tax exporters and buyers. European demand has been slow as the quarterly grind data showed a 3% decrease from a year ago in grindings. This has been caused by less demand created by the pandemic. Asian demand improved. North American data showed improved demand.
Overnight News: Scattered showers are forecast for West Africa. Temperatures will be near to above normal. Malaysia and Indonesia should see showers. Temperatures should average above normal. Brazil will get mostly dry conditions and near to above normal temperatures. ICE certified stocks are higher today at 4.816 million bags. ICE said that 0 notices were posted for delivery against May contracts and that total deliveries for the month are now 1,464 contracts.
Chart Trends: Trends in New York are mixed. Support is at 2450, 2430, and 2420 July, with resistance at 2500, 2520, and 2570 July. Trends in London are mixed. Support is at 1610, 1590, and 1570 July, with resistance at 1670, 1690, and 1720 July.

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Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

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