General Comments: Futures were sharply lower as the real moved much lower against the U.S. dollar. Ideas of increased offers from Brazil were helped by the real weakness, although there were no real reports of big selling. The real is moving to new lows and this has decreased the effectiveness of the Brazil government program for world markets as the support is made in Rais. Differentials held firm on a lack of offer from producers for both the old crop and the new crop. Coffee appears to be available in Central America as farmers and mills clear inventories before the next harvest, but none of the new crop is being offered yet. Current crop development is still good this year in most production areas of Latin America and also appears to be mostly good in Asia. Central America crop areas remain too dry, but conditions are said to be good overall. Colombia is still reported to have good conditions. Harvest conditions are good in Brazil.
Overnight News: Certified stocks are higher today and are about 2.794 million bags. The ICO composite price is now 115.16 ct/lb. Brazil should get dry conditions. 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.
Chart Trends: Trends in New York are down with objectives of 112.00 September. Support is at 115.00, 112.00, and 109.00 September, and resistance is at 117.00, 120.00, and 123.00 September. Trends in London are mixed to down with objectives of 1820 September. Support is at 1860, 1850, and 1820 September, and resistance is at 1900, 1910, and 1940 September. Trends in Sao Paulo are cown with objectives of 132.00 and 122.00 September. Support is at 138.00, 135.00, and 132.00 September, and resistance is at 145.00, 147.00, and 150.00 September.
General Comments: Futures closed sharply lower to limit down on production estimates from India. The country expects to produce 37.2 million bales of Cotton in 2013-14, much higher tan had been expected by about everyone. After the close USDA released its crop reports that showed overall improvement in crop condition, and that added to the selling pressure. More talk of production problems in the Southeast, and especially Georgia, as well as in Texas lost credibility with the USDFA data. Other parts of the world show more mixed production conditions. Very hot weather conditions in China continue, and the weather in Corron áreas is not really improvng right now in that country. US crops remain behind the normal pace. The poor planting conditions early in the year has made the crop progress behind normal. Texas is dry, but will turn cooler later in the week. Weather for Cotton still appears good in India.
Overnight News: The Delta will be dry and Southeast will see scattered showers and storms. Temperatures will average above normal in the Delta and near to below normal in the Southeast. Texas will see dry weather. Temperatures will average above normal. The USDA spot price is now 84.47 ct/lb. ICE said that certified Cotton stocks are now 0.041 million bales, from 0.042 million yesterday.
Chart Trends: Trends in Cotton are up with no objectives. Support is at 92.00, 90.75, and 90.10 October, with resistance of 94.20, 94.80, and 95.60 October.
Next page: Orange juice, Sugar and Cocoa
General Comments: Futures closed lower on news that Neilsen had reported the lowest demand for J that had been seen in years. It estimated demand in the four weeks ending August 3 at 38.64 million gallons, down 2.3% from the previous period. It was the lowest amount sold since records were started in 2002. There are still no real threats showing in the tropical Atlantic for Florida or Oranges production. The weather in the tropics has started to show a little more life with the systems that formed last week. The bulk of the tropical Atlantic is still seeing some very dry conditions and wind shear to prevent tropical storm development, but at least some systems that could become tropical are starting to appear. Growing conditions in the state of Florida remain mostly good. Showers are reported and conditions are said to be very good in almost the entire state. Temperatures are warm. Brazil is seeing near to above normal temperatures and mostly dry weather.
Overnight News: Florida weather forecasts call for some showers. Temperatures will average near normal.
Chart Trends: Trends in FCOJ are mixed to up with objectives of 141.00 and 148.00 September. Support is at 133.00, 130.00, and 128.00 September, with resistance at 137.00, 140.00, and 142.00 September.
General Comments: Futures closed slightly lower on weakness in the Real against the US Dollar and on better weather this week for harvest in Brazil. The Real keeps sinking and made new lows for the move against the US Dollar yesterday, but Sugar futures held much better than Coffee did. Brazil production has been down a bit lately due to bad harvest weather, but could still improve if the weather gets better soon. Forecasts call for warm and dry conditions into the weekend. Mills remain more interested in producing ethanol rather than Sugar due to price. Countries like Thailand and India also expect more production this year. Demand for ethanol has been good, but there is still a lot of Sugar and the supply side fundamentals seem to overwhelm any demand side strength over time.
Overnight News: Brazil could see dry weather and moderate temperatures
Chart Trends: Trends in New York are mixed to down with objectives of 1630, 1590, and 1580 October. Support is at 1650, 1635, and 1595 October, and resistance is at 1700, 1735, and 1750 October. Trends in London are mixed to down with objectives of 478.00 and 469.00 October. Support is at 484.00, 478.00, and 474.00 October, and resistance is at 495.00, 500.00, and 503.00 October.
General Comments: Futures closed a little higher and made new highs for the move again. Prices closed higher on West Africa worries. Dry weather in West Africa could have hurt production and remains the primary fundamental support. There is talk that demand might improve after economic data in Europe and the US proved better than expectations. Ghana and Ivory Coast are still too dry, but precipitation is improving. Temperatures are moderate. There is talk the drier weather could delay the harvest and the arrival of beans to ports. The harvest will be getting underway son, and has already begun in Nigeria, with mixed results so far there. 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 normal. Malaysia and Indonesia should see scattered showers, but southern areas could be dry. Temperatures should average above normal. Brazil will get mostly dry conditions and warm temperatures. ICE certified stocks are lower today at 4.719 million bags. ICE said that 13 delivery notices were posted today and that total deliveries for the month are 330 contracts.
Chart Trends: Trends in New York are up with objectives of 2610 and 2700 December. Support is at 2485, 2450, and 2435 December, with resistance at 2555, 2585, and 2600 December. Trends in London are mixed. Support is at 1630, 1625, and 1615 December, with resistance at 1670, 1685, and 1720 December.