General Comments: Futures closed slightly lower after trading higher early in the session. Data from Unica in Brazil showed that processors were refining for ethanol more than for sugar, but that there is still plenty of Sugar around. July goes off the Board on Friday. There is still talk that a low is forming or has formed for at least the short term. The Indian monsoon is off to a good start and this should help with Sugarcane production in the country. But, everyone is more interested in Brazil and what the Sugar market is doing there. 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.
Overnight News: Showers are expected in Brazil, mostly in the south and southwest. Temperatures should average near to above normal.
Chart Trends: Trends in New York are mixed to up with objectives of 1770 and 1820 October. Support is at 1715, 1700, and 1665 October, and resistance is at 1760, 1770, and 1790 October. Trends in London are up with objectives of 495.00 October. Support is at 487.00, 484.00, and 478.00 October, and resistance is at 499.00, 503.00, and 508.00 October.
General Comments: Futures were lower on currency considerations as the US Dollar moved higher. Traders are also getting ready for the export sales reports this morning and the big USDA reports on planted area tomorrow. Ideas of better production conditions in the US caused some selling interest. USDA showed that conditions in some areas got better while conditions in other areas got worse and this supported markets. Texas is reporting dry weather again. Dry weather is being reported in the Delta and Southeast as well. The weather should help support crop development in the Delta and Southeast, and could help in Texas as some areas of the state saw good rains last week. Weather for Cotton appears good in India, Pakistan, and China.
Overnight News: The Delta and Southeast will see some light showers through this weekend. Temperatures will average near to above normal. Texas will get dry weather. Temperatures will average above to much above normal. The USDA spot price is now 80.96 ct/lb. ICE said that certified Cotton stocks are now 0.596 million bales, from 0.587 million yesterday. ICE said that 221 notices were posted today and that total deliveries are now 1,426 contracts. USDA said that net Upland Cotton export sales were 57,000 bales this year and -7,100 bales next year. Net Pima sales were 10,600 bales this year and 200 bales next year.
Chart Trends: Trends in Cotton are mixed to down with no objectives. Support is at 85.10, 84.00, and 82.80 October, with resistance of 86.40, 86.90, and 88.00 October.
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