April 23, 2018, 12:35 am
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Raw sugar extends rally

NEW YORK/LONDON- Raw sugar on ICE Futures US extended its year-end rally on Friday, but in annual terms still skidded to a loss of more than 22 percent on expectations of large excess supplies, with both cocoa and coffee futures also ending 2017 lower.

A decline in the US dollar to a three-month low against a basket of currencies boosted greenback-traded commodities. That extended to soft commodities, even though bearish supply expectations have kept prices under pressure for much of 2017.

“There’s been a lot of bearishness in softs (markets). Stocks and bonds have captured much of the speculator attention,” said Jack Scoville, vice president with Price Futures Group in Chicago. – Reuters 
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