General Comments: Futures closed a little lower on what appeared to be some producer selling and speculative long liquidation. Trends are mixed after the move on Friday and as the price action yesterday was in a narrow range. Traders are wrestling with more reports of losses from greening disease on the one side and beneficial rains that have hit the state on the other. 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 still in use in a few areas. Temperatures are warm in the state. The Valencia harvest is continuing. Brazil is seeing near to above normal temperatures and dry weather.
Overnight News: Florida weather forecasts call for scattered afternoon showers through the week. Temperatures will average near to above normal this week and near normal this weekend.
Chart Trends: Trends in FCOJ are mixed to up with objectives of 160.00 and 177.00 July. Support is at 148.00, 145.00, and 144.00 July, with resistance at 156.00, 159.00, and 162.00 July.
General Comments: Futures were higher on ideas of increased demand concerns. Trends turned mixed with the price action yesterday. Ideas of good weather for U.S. crops are still around and were supported in part by the USDA reports released yesterday afternoon. Speculators and mills were said to be the best buyers. Traders are worried about Chinese demand as the economy there shows signs of slowing down. U.S. economic data has been improving, implying that demand might be so bad at home, but bulls got hurt yesterday when the manufacturing index fell for the second month. But, the biggest demand for U.S. Cotton right now comes from China. The weather has improved in all areas with some precipitation in Texas areas and drier weather in the forecast for the next few days for the Delta and Southeast. Dry weather is forecast for the Delta and Southeast, and warm weather is expected in Texas this week. Ideas are that farmers can get a lot of planting done with dry and warm conditions.
Overnight News: The Delta and Southeast will see dry conditions or afternoon showers, with best rain chances over the middle of the week. Temperatures will average near to above normal. Texas will get dry weather or a few showers. Temperatures will average near to below normal. The USDA spot price is now 78.08 ct/lb. ICE said that certified Cotton stocks are now 0.518 million bales, from 0.517 million yesterday.
Chart Trends: Trends in Cotton are mixed. Support is at 81.70, 81.00, and 80.55 July, with resistance of 82.85, 83.60, and 83.80 July.
Next page: Coffee, Sugar and Cocoa
General Comments: Futures were higher on speculative short covering tied to ides that the market might be forming a short term low. There is talk of increasing offers of Robusta from producers as they apparently did not sell when prices were much higher. However, the Arabica market does not show any real changes. Most sellers, including Brazil, are quiet and waiting for differentials or futures to get stronger, and mostly are waiting for futures to move higher. Buyers are waiting for prices to drop even more, but need coffee and will buy if the differentials offered are good. Brazil weather is forecast to show some showers for this week, but no cold weather. Current crop development is still good this year in Brazil. Central America crops are too dry for good new crop flowering. Colombia is reported to have good conditions.
Overnight News: Certified stocks are lower today and are about 2.750 million bags. The ICO composite price is now 122.58 ct/lb. Brazil should get dry weather. Temperatures will average near to above normal. Colombia should get scattered showers, and Central America and Mexico should get mostly dry conditions away from some showers in Eastern Mexico and northern Central America. Temperatures should average near to above normal. The ICO said that world Coffee exports were 9.60 million bags in April and now total 65.98 million bags.
Chart Trends: Trends in New York are mixed. Support is at 125.00, 122.00, and 119.00 July, and resistance is at 133.00, 135.00, and 138.00 July. Trends in London are mixed to down with no objectives. Support is at 1870, 1855, and 1830 July, and resistance is at 1895, 1920, and 1930 July. Trends in Sao Paulo are mixed. Support is at 153.00, 150.00, and 147.00 September, and resistance is at 161.50, 166.00, and 170.00 September.
General Comments: Futures closed lower on speculative and mill selling. The price action overall remains weak and implies that further losses are coming down the road due to coming Brazil supplies. Futures made new lows for the move and new contract lows in New York, but whites in London held better. There were some reports of shipments of White Sugar getting booked ahead of the Ramadan holiday to give some demand to the market. Traders remain bearish on ideas of big supplies, especially from Brazil. Traders in Brazil expect big production 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.
Overnight News: Showers are expected in Brazil. Temperatures should average near to above normal.
Chart Trends: Trends in New York are down with objectives of 1620, 1610, and 1600 July. Support is at 1620, 1600, and 1570 July, and resistance is at 1675, 1700, and 1720 July. Trends in London are mixed. Support is at 474.00, 470.00, and 467.00 August, and resistance is at 481.00, 487.00, and 491.00 August.
General Comments: Futures closed higher, and turned short term trends up in New York, but left trends sideways in London. It looks like the buying was based on the charts as New York futures could not move to new lows. Longer term trends remain down on good weather in Africa and weak demand ideas. Ideas are that processors are not active in the market right now and are hoping for lower prices before buying again. Some processors have large stocks to work down as well as many bought early due to the new marketing program in Ivory Coast. The weather is good in West Africa, with more moderate temperatures and some rains. The mid-crop harvest is moving to completion, 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 4.989 million bags.
Chart Trends: Trends in New York are mixed to up with objectives of 2480 and 2520 July. Support is at 2220, 2185, and 2170 July, with resistance at 2250, 2275, and 2290 July. Trends in London are mixed. Support is at 1490, 1470, and 1455 July, with resistance at 1515, 1520, and 1535 July.