General Comments: Futures closed lower on demand concerns. The USDA world data showed increased world supplies and was not considered bullish. The conditions here are mostly good. Futures could be starting a new leg higher. U.S. crop development remains behind due to delayed planting this year, but crop conditions right now are generally good with moderating temperatures and rains in the forecast for southern areas and Texas this week. Weather is warm in the U.S., with the Delta and the Southeast. Weather for Cotton still appears good in India.
Overnight News: The Delta will be dry and Southeast will see dry weather. Temperatures will average above normal in the Delta and mostly above normal in the Southeast. Temperatures should start to turn cooler this weekend. Texas will see scattered showers today and again at the end of the week. Temperatures will average above normal. The USDA spot price is now 82.41 ct/lb. ICE said that certified Cotton stocks are now 0.015 million bales, from 0.017 million yesterday.
Chart Trends: Trends in Cotton are up with no objectives. Support is at 85.00, 83.90, and 82.80 October, with resistance of 86.00, 86.50, and 88.10 October.
General Comments: Futures closed higher on follow through buying tied to the data released by USDA that showed poor yields from harvested oranges. The report implies that Oranges are small and do not have enough juice. The poor quality of the crop is most likely due to earlier drought conditions and the greening disease. A hurricane in the Eastern Atlantic was not a force in the price action. Another hurricane has formed in the far western Gulf of Mexico and will move into Mexico. The storms show that the conditions in the Atlantic might be improving. The historical peak of the season has just passed. There are still no real threats showing in the tropical Atlantic for Florida. 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 no objectives. Support is at 137.50, 134.00, and 131.00 November, with resistance at 140.00, 142.00, and 144.00 November.
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