General Comments: Futures closed slightly lower on a stable Brazilian real and forecasts for colder weather in Brazil. It probably will not get cold enough to do more damage, but the colder weather could at least slow the harvest pace again. Traders are noting the weakness in the Indian rupee and decided that was a reason to sell as India will get more rupees for sugar sold. However, the government is also launching a massive new program to provide subsidized food for the poor and might not sell as much as speculators expect. Countries like Thailand and India also expect more production this year. However, there have been concerns raised about Indian production in the last week due to heavier monsoon rains. 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 Short term trends are now sideways.
Chart Trends: Trends in New York are mixed. Support is at 1625, 1610, and 1595 October, and resistance is at 1665, 1685, and 1700 October. Trends in London are down with objectives of 478.00 and 469.00 October. Support is at 473.00, 470.00, and 465.00 October, and resistance is at 481.00, 486.00, and 488.00 October.
General Comments: Futures closed a little lower in quiet trading. Futures traded both sides of the market as traders weighed slow crop development against improving conditions. The market had been moving sharply lower in response to US and Indian production estimates, but has hit some support áreas on the charts and bounced. Buyers have pulled away from the market and will wait for a bottom to form before buying in a big way. Very hot weather conditions in China continue, and the weather in Cotton áreas is not really improvng right now in that country. However, some showers are in the forecast to provide some help. Weather is turning hot in the US again, too. 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 and warm. Weather for Cotton still appears good in India. Trends are down, but some short term recovery is posible given the magnitude of the down move seen last week.
Overnight News: The Delta will be dry and Southeast will see a few showers. Temperatures will average above to much above normal in the Delta and mostly above normal in the Southeast. Texas will see dry weather. Temperatures will average above normal. The USDA spot price is now 80.33 ct/lb. ICE said that certified Cotton stocks are now 0.023 million bales, from 0.025 million yesterday. USDA said that net Upland Cotton export sales were 68,800 bales this year and 2,200 bales next year. Net Pima sales were 10,200 bales this year and 0 bales next year.
Chart Trends: Trends in Cotton are mixed to down with objectives of 8300 October. Support is at 83.80, 83.55, and 82.90 October, with resistance of 85.30, 86.00, and 86.50 October.
Next page: Orange juice, Coffee and Cocoa
General Comments: Futures closed higher and the market remains in a short term trading range. It is the high point of the hurricane season and all remains mostly quiet. There are still no real threats showing in the tropical Atlantic for Florida or Oranges production, although the atmosphere for Hurricanes has started to improve. The weather in the tropics has started to show a little more life as some of the wind shear and dry pools in the atmosphere in the Atlantic have abated. 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 below normal temperatures and mostly dry weather, but production areas will turn warmer again this weekend.
Overnight News: Florida weather forecasts call for some showers. Temperatures will average near normal.
Chart Trends: Trends in FCOJ are mixed. Support is at 135.00, 132.50, and 130.00 September, with resistance at 140.00, 142.00, and 145.00 September.
General Comments: Futures were higher in New York and Sao Paulo and a little lower in London. A stable Real prevented new speculative selling interest, and might have created some new buying. There might have been some industry demand, but this was not confirmed. Most Brazil Coffee producers apparently plan to move Coffee into the support programs and hope for higher prices, and that has cut offers to the market. Differentials held firm on a lack of offer from producers for both the old crop and the new crop, although some old crop Coffee remains available. 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. Colombia is offering Coffee into the cash market at weaker differentials. Markets for new crop in most areas are very quiet. Current crop development is still good this year in most production areas of Latin America. 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 lower today and are about 2.800 million bags. The ICO composite price is now 113.34 ct/lb. Brazil should get dry conditions except for a few showers today. Temperatures will average near to above normal after a cold day today. 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 mixed. Support is at 116.00, 114.00, and 111.00 December, and resistance is at 120.00, 122.00, and 125.00 December. Trends in London are down with objectives of 1750 November. Support is at 1735, 1730, and 1720 November, and resistance is at 1800, 1825, and 1840 November. Trends in Sao Paulo are down with objectives of 134.50 and 123.50 December. Support is at 137.00, 134.00, and 131.00 December, and resistance is at 145.50, 148.50, and 150.50 December.
General Comments: Futures closed higher as traders debate the effectiveness of rains in West Africa. West Africa is expected to get scattered showers, and most of these seem to be in central and northern areas. No general rains are in the forecast, but conditions have improved in most areas over the last couple of weeks. Ghana and Ivory Coast are still too dry, but precipitation is improving and conditions are expected to improve further. 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 soon, 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 4.652 million bags.
Chart Trends: Trends in New York are mixed. Support is at 2470, 2450, and 2420 December, with resistance at 2505, 2525, and 2545 December. Trends in London are mixed. Support is at 1640, 1615, and 1600 December, with resistance at 1670, 1705, and 1720 December.