Jump to navigation

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
Follow Futures          
       
more >>

We Asked Traders

We asked traders for their opinion on the launch of bitcoin futures

Sponsored Content

Trading

Equities.com launches unlimited trading via Tradier Brokerage, Transforming into a news & fintech portal

Featured Topics

more Commodities>>

Commodities

Energy demand steps back in play
Advertisement
more Volatility>>

Volatility

Volatility & opportunity in the energy sector
Daily Price Action: E-mini S&P 500
more Options>>

Options

Trading Vertical Option Spreads

Advertisement

Coffee falls further on anticipated Brazil crop size

By Jack Scoville

April 24, 2013 • Reprints

COFFEE

General Comments: Futures were sharply lower, with London the leader on the way down.  All markets still show signs of completing bottoms.  Prices in general have been weak as traders anticipate another big crop out of Brazil starting the summer, and bears note that improved rains should help increase Vietnamese production potential this year.  Ideas are that supplies are good for now and can only increase down the road as Brazil will soon start to harvest.  Rains continue in Vietnam and crop conditions have improved.  Current crop development is still good this year in Brazil, but it has been dry for the past week.  Production ideas remain big there.  Central America crops are mostly harvested and is too dry for new crop flowering.  Colombia is reported to have good conditions.

Overnight News:  Certified stocks are higher today and are about 2.740 million bags.  ICE delivery notices are 26 contracts today and now total 122 contracts for the month.  The ICO composite price is now 128.57 ct/lb.  Brazil should get mostly dry conditions.  Temperatures will average near to above normal.  Colombia should get scattered showers, and Central America and Mexico should get mostly dry conditions.  Temperatures should average near to above normal.

Chart Trends:  Trends in New York are mixed to up with objectives of 145.00 and 151.00 July.  Support is at 140.00, 137.00, and 134.00 July, and resistance is at 145.00, 147.00, and 150.00 July.  Trends in London are down with objectives of 1950 July.  Support is at 1985, 1970, and 1955 July, and resistance is at 2025, 2035, and 2050 July.  Trends in Sao Paulo are mixed.  Support is at 168.00, 166.00, and 163.00 September, and resistance is at 171.00, 173.00, and 175.00 September.

COTTON

General Comments:  Futures were lower as traders got ready for First Notice Day deliveries today and the weekly export sales report tomorrow.  Planting and growing conditions remain in a state of flux in the US.  Rains are moving through the Delta and Southeast this week to slow planting progress, and it is still cold and dry in the north Texas region.  The showers should move out of the Southeast by tomorrow.  The weather after this week is expected to turn somewhat warmer and drier.  Some traders think that US planted area will increase from the estimates released at the end of March due to more favorable Cotton futures prices and sinking Corn and Soybeans futures prices.  Weather will be watched as more wet weather in the Delta and Southeast could create less interest in Corn and more in Cotton to avoid having Corn pollinate in the hottest time of the year.  Producers have been active planting depending on the region involved.  Demand ideas remain strong overall based on the strong export paces seen in the USDA reports in recent weeks and on reports of tight domestic and world cash markets, but export demand is a little less lately. 

Overnight News:  The Delta and Southeast will see rains today and over the weekend.  Temperatures will average below normal this week and near to above normal this weekend.  Texas will get mostly dry weather, but a few showers are possible on Friday.  Temperatures will trend to near normal by Friday and above normal over the weekend.  The USDA spot price is now 80.11 ct/lb.  ICE said that certified Cotton stocks are now 0.498 million bales, from 0.487 million yesterday.  ICE said that delivery notices were 122 contracts today and now total 122 contracts for the month.  

Chart Trends:  Trends in Cotton are mixed.  Support is at 84.00, 83.30, and 82.20 May, with resistance of 86.20, 86.60, and 87.50 May.

Next page: Orange Juice, Sugar and Cocoa

Page 1 of 2
>>next >

About the Author

Jack Scoville is a veteran futures market analyst specializing in grains, softs, rice, oilseeds, and tropical products such as coffee and sugar. His industry contacts in South America, Europe, Asia, and North America provide him with a unique and comprehensive view of these markets. Jack began working in the futures industry over 30 years ago and spent 10 years working on the floor of the Chicago Board of Trade in various roles, starting with The PRICE Futures Group since it was established in 1988. Jack writes daily commentaries - Morning Grains and Softs, in both English and Spanish and is regularly quoted around the world by news & wire services including Dow Jones, AP, Bloomberg, and Reuters. You can contact Jack by phone at (312) 264-4322 or by email at jscoville@pricegroup.com. Learn even more on our website at www.pricegroup.com.

Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The information presented by The PRICE Futures Group is from sources believed to be reliable and all information reported is subject to change without notice.

Related Articles
Energy demand steps back in play
Crude shoulder season blues
Crude corrects on production pop, but demand side is looming
Oil risk factors rise
Refiners work overtime as crude inventories drop
Previous
Euro-yen rate shows Draghi lament as Gross says sell
Next
Ford profit tops estimates as cars fuel North America record
Related Terms
commodities 3439Texas 1372USDA 971Florida 876Softs 616coffee 390Sugar 385Ags 381Cotton 373Cocoa 339Orange juice 269Corn 94

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
images