– Cocoa market: Ivory Coast suspended cocoa bean exports for June to support domestic grinding industry. Supplies are short. Ghana’s Marketing Board looking to roll 350,000 tons of pre-sale cocoa ahead to 2024-25 season, up from previous expectation of 250,000 tons.
– Coffee: ICE exchange stocks reached under 815,031 bags on Friday, up 6,900 from Thursday and up 15,000 for the week. This could start to pressure the market.
– Cotton: December cotton at new lows for the move, lowest level since October 2022. Funds are short almost 36,000 contracts, their largest short position since September 2019.
– Sugar: Santa Clara expects 5.5 million metric ton sugar surplus in 2024-25, second highest on record. Unica report showed center-south Brazil sugar production for second half of May down 7.7% from last year.
– Cattle: Last week’s kill was 615,000 head, 1,000 more than year ago. Year-to-date kill is down 653,564 head from last year. Cattle weights running 30-40 lbs heavier than last year. Choice boxed beef closed at $319.89/cwt last week, up $3 from previous week.
– Hogs: Kill was 2,390,000 head, down from previous week but above year ago. Year-to-date kill is above last year by about 0.9%. CME hog index closed at $91.58/cwt. Pork cutout was $133/cwt, down about $1 from previous week.
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