Powell cast doubt on a December rate cut, sending rates higher, equities lower, and the USD up.
Coffee rallied rallied above 400 cents per pound on Monday as Certified stocks continued to draw to 431k October 31. With no follow through from the U.S. Administration on the floated tariff relief for Vietnam or Brazil, shorts likely covered. Market focus has shifted to the index roll and roaster fixing, where buying needs are outpacing origin selling which is leading prices higher into the upcoming options expiry.
Cotton: Rallied on the U.S.–China trade truce and soybean purchase commitments (12 MMT by year-end, then 25 MMT/yr 2026–28), alongside China’s suspension of retaliatory tariffs on U.S. ags including cotton.
Weekly Commodity Comment - 03/11
