Futures were lower in both New York and London yesterday as the US Dollar rallied. It remains a consolidation trade as prices continue to hover at or near recent lows. Price action overall is weak and implies that new lows are coming. Ideas of big world production are keeping the market tone weak Traders note dry conditions in Brazil, the EU, and Russia, but also note very good conditions in Thailand and India. Brazil producers are also worried about Cane production even with the rapid early harvest.
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