There was also more talk of dryness as below normal precip is now forecast in Brazilian coffee areas through June 24. Were not convinced that's enough to trigger a bottom and prices are likely to keep struggling due to big warehouse stocks. The downside target is 8500. None for now. Sep cocoa's rebound was corrective, but we'd expect prices to hold above 800 support due to modest crop concerns tied to mixed pod counts and the potential for lower yields after last year's huge crop.
Traders can also worry about political unrest in the Ivory Coast.
None for now. August soybeans gave up modest early gains sparked by lower crop ratings and ended unchanged, still restrained by the outlook for favorable weather to continue through next week. Some private forecasters expect a blocking higher pressure ridge to develop over the Midwest during July. However, that may not be all bad since it will relieve wet conditions. Tradingwise, prices have gotten cheap enough that the spec contingent may be willing to entertain the notion of a crop threat.