By Julie Wernau
Sugar, cocoa and other commodities across the softs complex continued to trade on fundamentals Wednesday following a U.S. presidential win by Donald Trump that surprised most markets.
Moves were largely muted in commodities from coffee to orange juice on the ICE Futures U.S. exchange, with most traders looking to coal, oil and natural gas prices in light of Mr. Trump's stated support of policies that would support coal and drilling.
Raw sugar for March delivery was down 0.5% at 21.85 cents a pound, cocoa for March dropped 0.5% to $2,452 a pound, frozen concentrated orange juice for January rose 0.7% to $2.1715 a pound and arabica coffee for December was up 1% at $1.691 apound.
"I was up at 3:20 a.m. for the sugar opening. Sugar came in lower, but now we've traded up to unchanged," said Nicholas Gentile, managing partner at NickJen Capital Management.
Traders watching the markets this morning said they were most concerned about their positions in sugar, where speculators in the market have been holding record net long positions for several months.
In the cotton market, prices edged down slightly ahead of a noon update from the federal government on world agricultural supply and demand.
Cotton futures dropped 0.2% to 68.61 cents a pound. Analysts surveyed by The Wall Street Journal are expecting lower U.S. cotton production and higher exports, lowering stockpiles of the fiber.
Analysts on average said the U.S. would produce 15.98 million bales of cotton this year, export 12.1 million and leave 4.24 million in stocks versus production of 16.03 million bales anticipated in October's federal forecasts, exports of 12 million and ending stocks of 4.3 million.
Write to Julie Wernau at firstname.lastname@example.org
Original Email Message: http://10.0.64.72/enewsmails/Links.aspx?Ac=2&ID=20161109-10590193-0
(MORE TO FOLLOW) Dow Jones Newswires
November 09, 2016 11:23 ET (16:23 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.