Hedge funds still gloomy on ags, despite deep cut to wheat shorts

Hedge funds extended their nets short in ags, even as they made their biggest bullish shift in wheat since 2013. Will more short-covering follow?

Sugar prices face 'bearish pressure' - for now
The International Sugar Organisation is downbeat on prices short-term, but forecasts growing world production deficits ahead
US casts doubt on hopes for dairy price recovery
A dairy price revival "may be slower" coming than investors foresee, despite the steepest drop in New Zealand milk output in 16 years
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Growth in Chinese sugar imports here to stay
Chinese sugar demand is rising, at a time when output is heading to a 10-year low, US officials say, as customs data show a jump in April imports
UK wheat stocks to end season near record high
Despite the prospect of a supply downgrade, UK wheat stocks still look to be some of the highest on record
Deere lifts profits hopes, despite South America concerns
The maker of John Deere tractors says its full-year earnings will not fall as far as previously thought, despite a worse sales outlook
Rabo cuts wheat price hopes, even as futures rise
Rabobank cuts wheat price hopes, warning investors against overplaying the US wetness theme. It is cautious on sugar too, and flags a coffee "war"
Brazil CS cane crush to rise, but sugar output to drop - Unica
Improved weather will boost the cane harvest in Brazil's key Centre South region. But extra cane will be turned into ethanol, not sugar
US farmland prices fall for 18th month
... but the overall decline disguises sharp variations between individual markets, Creighton University says
Suedzucker stands by hopes for sugar recovery - eventually
Europe's largest sugar refine foresees a further drop in profits for now, but foresees the "basis for a recovery of world sugar market prices"
Coffee prices plunge, as Volcafe lifts supply hopes
Coffee prices accelerate a decline after Volcafe lifts estimates for supplies both this season and in 2015-16. Robusta futures hit 15-month low
EU handing double whammy to African sugar exporters
European sugar reforms could shut African producers out of what has been a lucrative market, Ecobank warns
Features and market reports
Farmers put on alert as El Nino declared official
Australian and Japanese meteorologists declare an El Nino - raising prospects for conditions from a weak Indian monsoon to heavy central US rains
Featured market report Drier US forecast, firmer dollar scupper grain price rally
Grain prices retreat after forecasters remove rain from the US weather map and put some into the Russian outlook, where it is needed. Softs soften too
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