Summary
Coffee could be starting to loosen, while cotton has just sold off on what should have been a bullish WASDE.
Brazilian Arabica is moving towards ICE certs, with almost 65,000 bags pending grading, which could finally start rebuilding critically low cert stocks. At the same time, U.S. cotton production was cut by 410,000 bales and ending stocks fell to 3.6m bales, yet price still moved lower.
Two different markets, but both are starting to tell us something important.
This week we break down why.
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