General Comments: Futures were mixed, with a lot of spreading and position liquidation noted as July deliveries start today. But, the USDA reports from last week kept the buyers interested on setbacks. Traders talk of reduced production potentially due to the poor weather seen until recently in the Delta and Southeast and still reported in parts of Texas. Trends are up. Ideas of good weather for U.S. crops are still around. Traders are worried about Chinese demand, but there is talk that overall demand increased in the last week. The weather has improved, but it is still too dry in Texas and drier weather is needed for the Delta and Southeast. Dry conditions are forecast for the Delta and Southeast, and dry and warm weather is expected in Texas. Weather for Cotton appears good in India, Pakistan and China.
Overnight News: The Delta and Southeast will see some showers this week. Temperatures will average above normal. Texas will get dry weather. Temperatures will average above normal. The USDA spot price is now 87.10 ct/lb. ICE said that certified Cotton stocks are now 0.543 million bales, from 0.539 million yesterday.
Chart Trends: Trends in Cotton are up with no objectives. Support is at 89.60, 88.20, and 87.55 October, with resistance of 90.80, 91.40, and 92.00 October.
General Comments: Futures closed higher in consolidation trading to end the week. USDA lowered production of Oranges in Florida, but decreased production had been expected. 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, but there are showers reported somewhere in the state every day now. 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. Support is at 148.00, 145.00, and 144.00 July, with resistance at 154.00, 156.00, and 159.00 July.
Next page: Coffee, Sugar and Cocoa
General Comments: Futures were lower in New York on speculative selling tied to ideas of big Brazil and Colombia production. London was higher on some short covering to end the week, but remains in down trends due to ideas of big supplies from producers, mostly from Vietnam. London futures appear oversold as well. Arabica cash markets remain quiet right now and roasters in the US are showing little interest in buying. Buying interest could appear with this latest move lower. There is talk of increasing offers of Robusta from producers as they apparently did not sell when prices were much higher. Most sellers, including Brazil, are quiet and are waiting for futures to move higher. Buyers are interested on cheap differentials. Brazil weather is forecast to show dry conditions, but no cold weather. There are some forecasts for cold weather to develop in Brazil at the end of next week. Current crop development is still good this year in Brazil. Central America crops are seeing good rains now. Colombia is reported to have good conditions.
Overnight News: Certified stocks are little changed today and are about 2.746 million bags. The ICO composite price is now 116.22 ct/lb. Brazil should get dry weather except for some showers in the southwest on Sunday. Temperatures will average near to above normal. Colombia should get scattered showers, and Central America and Mexico should get showers. Temperatures should average near to above normal.
Chart Trends: Trends in New York are down with objectives of 116.00 July. Support is at 121.00, 119.00, and 116.00 July, and resistance is at 125.00, 127.00, and 130.00 July. Trends in London are down with objectives of 1765 July. Support is at 1770, 1740, and 1710 July, and resistance is at 1810, 1845, and 1865 July. Trends in Sao Paulo are down with no objectives. Support is at 147.00, 144.00, and 140.00 September, and resistance is at 155.00, 159.00, and 161.50 September.
General Comments: Futures closed sharply higher on what appeared to be short covering from speculators. Everyone talks about the big supplies, but reports of renewed demand interest helped rally the market today. July was higher as short speculators start to pull out of positions before the contract stops trading at the end of the month. There was no other real news for the market. 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 mixed. Support is at 1680, 1665, and 1650 October, and resistance is at 1730, 1760, and 1790 October. Trends in London are mixed. Support is at 469.00, 465.00, and 463.00 October, and resistance is at 477.00, 480.00, and 487.00 October.
General Comments: Futures closed lower on what appeared to be a lot of speculative long liquidation. 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 5.084 million bags.
Chart Trends: Trends in New York are mixed to down with objectives of 2210 July. Support is at 2240, 2220, and 2190 July, with resistance at 2300, 2340, and 2380 July. Trends in London are down with objectives of 1405 July. Support is at 1460, 1430, and 1420 July, with resistance at 1490, 1500, and 1520 July.