Cocoa:
– Cocoa prices broke out of a 5-6 day consolidation range on Wednesday

Coffee:
– Brazilian real fell to its lowest level since March 2023 on Tuesday, but reversed on Wednesday

Cotton:
– 53% of the southeastern US was in moderate to severe drought as of last week, up from 38% the previous week
– 16% to 20% of the South, including the Texas Delta, was in drought
– Cotton export sales were 172,300 bales, up from 150,190 the previous week but below the 4-week average of 251,600 bales
– China was the largest buyer at 94,000 bales

Sugar:
– Sugar prices reached a 32% retracement of the sell-off from the November high to the main low, with the next upside objective at 21.55 cents/lb

Energy:
– Crude oil stocks fell 2.2 million barrels last week, more than the expected 700,000 barrel decline
– Gasoline stocks fell 2.2 million barrels versus an expected 1.3 million barrel decline
– Distillate stocks fell 1.5 million barrels versus an expected 1.2 million barrel decline
– Refinery utilization was 93.5% versus an expected 92.9%
– Implied gasoline demand was 9.94 million barrels per day, the highest since last November

Natural Gas:
– Natural gas storage increased by 32 BCF, higher than the expected 22-25 BCF build
– Storage is up 9.6% from a year ago and 18.8% above the 5-year average

Employment:
– Non-farm payrolls increased 206,000 in June, compared to an expected 189,000
– Private payrolls increased 136,000, compared to an expected 160,000
– Unemployment rate was 4.1%, compared to an expected 4.0%
– Average hourly earnings increased 0.3% as expected

Livestock:
– Cattle slaughter was 353,000 head, the same as the previous week
– Hog slaughter was lighter than the previous week, but still heavier than a year ago
– Hog exports were 59,100 metric tons, up 51% from the previous week and 96% from the 4-week average
– Mexico was the largest buyer of hogs at 34,600 metric tons

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