General Comments: Futures closed lower and made new lows for the move on reports of big production in April from Brazil. Traders remain bearish on supplies, especially from Brazil, and this has hurt New York prices. They got some big production and processing estimates for April on Monday. Traders are keeping an eye on developments in Brazil and expect big production as the harvest moves forward as the weather is good. Demand is said to be strong from North Africa and the Middle East as buyers get stocks in hand for Ramadan in July. Chart patterns are mixed, but weak, for the short term. UNICA said that Brazil crushed 41 million tons of Sugarcane and produced 1.69 million tons of Sugar. Both amounts are almost triple those of a year ago.
Overnight News: Mostly dry conditions are expected in Brazil. Temperatures should average near to above normal.
Chart Trends: Trends in New York are down with objectives of 1670, 1610, and 1600 July July. Support is at 1680, 1650, and 1620 July, and resistance is at 1720, 1740, and 1755 July. Trends in London are down with no objectives. Support is at 476.00, 473.00, and 470.00 August, and resistance is at 487.00, 491.00, and 496.00 August.
General Comments: Futures were higher after trading lower early in the session. Traders concentrated on economic news, which was disappointing for China but good for the US. China is the largest importer of US Cotton, so less than expected industrial production put demand bulls on the defensive. The new crop months were weaker on forecasts for warm and dry weather in many US production areas that will promote active planting by farmers this week. Ideas are that the demand can continue for now as China moves to increase its stocks and as private buyers there reject offers from the government due to quality and price. Planting conditions for the next crop remain a problem in the US. Dry weather is forecast for the Delta and Southeast, and much warmer weather is expected in Texas this week. So far, planting of all crops is slow, but ideas are that farmers can get a lot of planting done with dry and warm conditions. Short term trends are mixed.
Overnight News: The Delta and Southeast will see dry conditions. Temperatures will average near to above normal. Texas will get mostly dry weather with some showers possible in Eastern areas. Temperatures will average mostly above normal. The USDA spot price is now 81.87 ct/lb. ICE said that certified Cotton stocks are now 0.508 million bales, from 0.504 million yesterday.
Chart Trends: Trends in Cotton are mixed. Support is at 85.40, 85.00, and 83.00 July, with resistance of 87.60, 88.50, and 90.00 July.
Next page: Orange Juice, Coffee and Cocoa
General Comments: Futures closed mixed on reduced production estimates from Brazil and ideas that more production cuts are coming in the US due to the greening disease. Traders are wrestling with more reports of losses from greening disease on the one side and beneficial rains that have hit the state. The growing conditions in Florida are improved with the recent rains, but drier weather is back. Greening disease and what it might mean to production prospects continues to be a primary support item and will be for several years. Irrigation is widespread, even with recent rains. Temperatures are warm in the state. The Valencia harvest is continuing. Brazil is seeing near to above normal temperatures and dry weather, but some showers are possible late this week.
Overnight News: Florida weather forecasts call for mostly dry conditions. Temperatures will average near to below normal this week and near normal this weekend. CitrusBR estimated Orange production in Brazil at 268.4 million boxes, down 30.4% from last year.
Chart Trends: Trends in FCOJ are up with objectives of 161.00 and 178.00 July. Support is at 145.00, 142.00, and 140.00 July, with resistance at 150.00, 153.00, and 160.00 July.
General Comments: Futures were slightly lower in low volume trading. Brazil weather has improved, and some areas of Sao Paulo could see a shower by the end of the week, which would be beneficial. Weather in other areas like Central America, where it has been dry, also provided some support. Trends have turned sideways after the recent run to higher values. Prices in general have been weak as traders anticipate another big crop out of Brazil starting the Summer, and CONAB showed a big production potential in its latest production report released yesterday. Current crop development is still good this year in Brazil, but it has been dry for the past week. Dry conditions are forecast to continue in most areas, but some parts of Sao Paulo could get showers. Central America crops are mostly harvested and is too dry for good new crop flowering, although rains are in the forecast for this week. Colombia is reported to have good conditions.
Overnight News: Certified stocks are lower today and are about 2.741 million bags. In Brazil, CONAB estimated 2013-14 Coffee production at 48.6 million bags. The country is expected to produce 36.4 million bags of Arabica and 12,2 million bags of Robusta. The ICO composite price is now 131.98 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 showers and rains. Temperatures should average near to above normal.
Chart Trends: Trends in New York are mixed. Support is at 143.00, 140.00, and 136.00 July, and resistance is at 149.00, 150.00, and 152.00 July. Trends in London are mixed to up with objectives of 2090, 2150, and 2215 July. Support is at 2020, 1980, and 1970 July, and resistance is at 2075, 2100, and 2140 July. Trends in Sao Paulo are mixed. Support is at 171.50, 170.00, and 167.50 September, and resistance is at 180.00, 182.00, and 183.00 September.
General Comments: Futures closed higher in recovery trading after the big down moves last week. It was another quiet news day, although there were wire reports of some wáter damage problems for some certified stocks for LIFFE in Antwerp. The flow of Cocoa from western Africa is down for seasonal considerations, and traders wonder about the quality and size of the mid-crop after some hot and dry weather during the growing season. Reports indicate that bean sizes are small due to the heat and dry weather seen earlier in the year. The weather now is good, with more moderate temperatures and some rains. Ideas are that production in West Africa could be less next crop year as well despite the improved weather as farmers have not liked offered prices. The mid-crop harvest is underway, and less than expected production along with smaller beans is reported. Malaysia and Indonesia crops appear to be in good condition and weather is called favorable.
Overnight News: Scattered showers are expected in West Africa. Temperatures will average near to above normal. Malaysia and Indonesia should see episodes of isolated showers. Temperatures should average near normal. Brazil will get mostly dry conditions and warm temperatures. ICE certified stocks are higher today at 4.920 million bags.
Chart Trends: Trends in New York are mixed. Support is at 2320, 2300, and 2285 July, with resistance at 2370, 2390, and 2400 July. Trends in London are mixed to down with objectives of 1500 and 1465 July. Support is at 1515, 1490, and 1480 July, with resistance at 1565, 1580, and 1590 July.