General Comments: Futures closed mixed as traders got ready for the USDA reports that will be released later today. USDA could show another drop in production by 1.0 million boxes. 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. 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 light showers. Temperatures will average near to above normal.
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 154.00, 156.00, and 159.00 July.
General Comments: Futures closed lower due to a weaker Brazilian Real. There was no other real news for the market, and the price action reflected that reality. The UNICA data was considered neutral as Unica notes that production should ramp up again as the harvest weather is dry again. The price action overall remains weak and implies that further losses are coming down the road due to coming Brazil supplies. 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, but starting to fade now as needs are getting covered.
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 1570 July. Support is at 1620, 1600, and 1570 July, and resistance is at 1660, 1675, and 1700 July. Trends in London are mixed. Support is at 474.00, 470.00, and 467.00 August, and resistance is at 481.00, 486.00, and 487.00 August.
General Comments: Futures closed with small losses in consolidation trading. There was not a lot of news for the market, and price action reflected this. It looks like the buying was based on the charts as New York futures could not move to new lows and in fact have held at an important area on the charts. But, ideas of weak demand after the recent big rally kept some selling interest around. 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 lower today at 5.118 million bags.
Chart Trends: Trends in New York are mixed to up with objectives of 2480 and 2520 July. Support is at 2325, 2280, and 2250 July, with resistance at 2370, 2400, and 2420 July. Trends in London are mixed. Support is at 1540, 1520, and 1505 July, with resistance at 1575, 1580, and 1600 July.