General Comments: Futures closed higher and tested recent highs as the U.S. dollar moved sharply lower. Many are waiting for the U.S. and European grind data to be released next week to see how strong the demand is right now. Ideas of good harvest weather and active movement of beans to ports in western Africa remain. The cash market in Africa is slow right now as buyers have already bought and are now waiting to see how the main crop turns out late this year. The weather is good in West Africa, with more moderate temperatures and some rains. Some showers are appearing again in Ivory Coast this week, and the rest of the region is in good condition. Ivory Coast will still need more rain. 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 4.838 million bags. ICE said that 1 delivery notice was posted today and that total deliveries for the month are 377 contracts. LIFFE stocks are 8,389 standard units, 189 large units, and 4 bulk units.
Chart Trends: Trends in New York are mixed to up with objectives of 2260 September. Support is at 2210, 2165, and 2130 September, with resistance at 2250, 2280, and 2300 September. Trends in London are mixed to up with no objectives. Support is at 1530, 1500, and 1460 September, with resistance at 1550, 1560, and 1600 September.
General Comments: Futures were lower on increased ending stocks estimates from USDA. USDA now estimates 2012-13 ending stocks at 3.90 million bales and also estimates 2013-14 ending stocks at 2.90 million bales. Both estimates were increased 300,000 bales due to less demand. A weaker US Dollar helped demand ideas but was overwhelmed by the USDA estimates. Parts of the Southeast are getting too much rain and Texas growing areas remain mostly hot and dry. Conditions in Alabama, Mississippi, and Missouri are below average now. Futures held the short term range. It is possible that futures can work lower again as demand has turned soft, but production and weather might be more important in the short term. Weather for Cotton appears good in India, Pakistan, and China.
Overnight News: The Delta should be dry and Southeast will see showers and rains through the weekend. Showers are possible in the Delta and Southeast next week Temperatures will average near to below normal. Texas will be mostly dry this weekend but could see some showers next week. Temperatures will average near to above normal. The USDA spot price is now 80.81 ct/lb. ICE said that certified Cotton stocks are now 0.593 million bales, from 0.606 million yesterday.
Chart Trends: Trends in Cotton are mixed to down with objectives of 84.70 and 83.00 October . Support is at 85.20, 84.00, and 83.10 October, with resistance of 86.00, 86.50, and 87.00 October.
Next page: Orange juice, Coffee and Sugar
General Comments: Futures closed slightly lower again as USDA showed another reduction in Oranges production. Production was estimated at 1233.4 million boxes and the yield per box was left unchanged at 1.59 gallons per box. Chanel has fizzled and is no longer much of a threat to Oranges in Florida. The system got caught in some wind shear and is now more of a rain even, and rain will be mostly beneficial to the state. Showers are reported and conditions are said to have improved in almost the entire state. Ideas are that the better precipitation will help trees fight the greening disease. Temperatures are warm in the state, but there are showers reported. Brazil is seeing near to above normal temperatures and mostly dry weather.
Overnight News: Florida weather forecasts call for showers. Temperatures will average near normal. ICE said that 0 delivery notices were posted today and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are mixed to up with objectives of 145.00 and 155.00 September. Support is at 132.00, 130.00, and 127.00 September, with resistance at 138.00, 139.00, and 140.00 September.
General Comments: Futures were higher in New York and Sao Paulo on buying tied to a weaker US Dollar. London moved higher on some speculative buying tied to less offer from Vietnam on ideas that producers there are about sold out. Offers of Arabica from origin are still hard to find. Demand was not much stronger than the offer and the cash market remains very quiet. Sellers, including Brazil, are quiet and are waiting for better prices of the next crop. Buyers are interested on cheap differentials, and cheap futures. Brazil weather is forecast to show dry conditions, but no cold weather. Current crop development is still good this year. 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 2.738 million bags. The ICO composite price is now 119.00 ct/lb. Brazil should get dry weather except for some showers in the northeast. Temperatures will average near to above normal. Colombia should get scattered showers, and Central America and Mexico should get showers, and rains. Temperatures should average near to above normal. ICE said that 0 delivery notices were posted against July today and that total deliveries for the month are now 811 contracts. LIFFE stocks are now 12,114 lots.
Chart Trends: Trends in New York are mixed. Support is at 120.00, 117.00, and 116.00 September, and resistance is at 125.00, 126.00, and 127.00 September. Trends in London are up with objectives of 1900 September. Support is at 1860, 1820, and 1790 September, and resistance is at 1905, 1940, and 1950 September. Trends in Sao Paulo are mixed. Support is at 143.50, 140.00, and 137.00 September, and resistance is at 148.00, 150.00, and 151.00 September.
General Comments: Futures closed lower on ideas of big supplies. Many expect production to be higher overall due to a record Sugarcane production and better weather now, and UNICA showed this was possible in its updates at midweek. Countries like Thailand and India also expect more production this year. Futures trends remain down overall and London prices started a new down trend yesterday. The Indian monsoon is good so far this season and this should help with Sugarcane production in the country. Northern areas are in good shape, but southern areas might be too hot and dry and some stress to the Sugarcane is possible in the short term. In addition, industry sources there told wire services this week that planted area is down by about 5% and that overall production would be lower even with very good weather.
Overnight News: Mostly dry weather is forecast in Brazil. Temperatures should average near to above normal.
Chart Trends: Trends in New York are down with objectives of 1580 October. Support is at 1600, 1570, and 1540 October, and resistance is at 1630, 1650, and 1665 October. Trends in London are down with objectives of 448.00 October. Support is at 460.00, 457.00, and 454.00 October, and resistance is at 466.00, 470.00, and 476.00 October.