General Comments: Futures were lower on speculative and light volume origin selling against roaster buying. The world production is big, but the cash market remains very quiet. However, roasters are showing more buying interest late last week than they have in months. Sellers, including Brazil, are quiet and are waiting for futures to move higher. Buyers are interested on cheap differentials, and might start to force the issue if prices hold and start to move higher in the short term on ideas that the market made a bottom. Brazil weather is forecast to show dry conditions, but no cold weather. There are some forecasts for cold weather to develop in Brazil early next week, but so far the market is not concerned. 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 lower today and are about 2.744 million bags. The ICO composite price is now 114.99 ct/lb. Brazil should get dry weather except for some showers in the southwest. All areas could gt showers early next week. Temperatures will average near to above normal. Colombia should get scattered showers, and Central America and Mexico should get showers, with some big rains possible in central and southern Mexico and northern Central America. Temperatures should average near to above normal. ICE said that 3 delivery notices was posted against July today and that total deliveries for the month are now 792 contracts.
Chart Trends: Trends in New York are down with no objectives. Support is at 117.00, 116.00, and 113.00 September, and resistance is at 123.00, 125.00, and 126.00 September. Trends in London are mixed. Support is at 1720, 1705, and 1680 September, and resistance is at 1765, 1775, and 1800 September. Trends in Sao Paulo are down with no objectives. Support is at 140.00, 137.00, and 134.00 September, and resistance is at 148.00, 151.00, and 155.00 September.
General Comments: Futures closed lower. Futures could not take out resistance areas and might try to work lower early this week. Some liquidation trading was seen in July contracts. July went off the Board on Friday. There is still talk that a low is forming or has formed for at least the short term, but there is still a lot of Sugar around, and not only from Brazil. 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 to continue as the weather is good.
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. Support is at 1680, 1665, and 1650 October, and resistance is at 1715, 1750, and 1760 October. Trends in London are mixed. Support is at 484.00, 478.00, and 475.00 October, and resistance is at 490.00, 496.00, and 499.00 October.