General Comments: Futures closed lower as tropical storms seen in the Atlantic and the Gulf of Mexico showed no signs of moving to Florida. The historical peak of the season has just passed. There are still no real threats showing in the tropical Atlantic for Florida as these storms move away and nothing else seems to be forming right now. 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. Nielsen said that Orange Juice sales were 39.4 million gallons in the four week period ending August 31, up 1.9% from the previous period.
Chart Trends: Trends in FCOJ are mixed. Support is at 134.00, 131.00, and 129.00 November, with resistance at 139.00, 142.00, and 143.00 November.
General Comments: Futures closed lower on demand concerns. The USDA reports gave no reason for concern for tight supplies in the coming year. The conditions here are mostly good, and the harvest is starting in some areas. US 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 Texas this week and dry weather in the forecast for the Delta and Southeast. The weather forecasts and the crop progress and condition reports offer no concerns for production at this time. Weather for Cotton still appears good in India and Pakistan, and harvest should be starting there. Cotton in China is seeing rain that could hurt quality.
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 81.50 ct/lb. ICE said that certified Cotton stocks are now 0.015 million bales, from 0.015 million yesterday.
Chart Trends: Trends in Cotton are mixed. Support is at 83.55, 82.95, and 82.45 December, with resistance of 85.15, 85.55, and 86.25 December.
Next page: Coffee, Sugar and Cocoa
General Comments: Futures were a little lower in another session of consolidation trading. Some forecasts for rains to develop by the end of this week in growing areas of Brazil were negative because it will create good flowering for the next crop. The current crop harvest has proceeded well under mostly dry conditions. Most traders are still bearish longer term on big world supplies, but the market action still appears to be more like at least a short term bottom. Coffee appears to be available in Central America as farmers and mills clear inventories before the next harvest. Little, if any, new crop is being offered, although some price ideas are starting to surface for the next crop. Colombia is offering Coffee into the cash market at steady differentials after forcing them lower in the last few weeks. Buyers are said to be well covered and have been buying in Colombia and Peru as well as Asia. Current crop development is still good this year in most production areas of Latin America. Central America crop conditions are said to be good overall, but rust will cut production by around 15% in some countries. In addition, Hurricane Ingrid will bring some very bog rains to central Mexico this week and could damage crops. Colombia is still reported to have good conditions. Harvest conditions are good in Brazil.
Overnight News: Certified stocks are slightly higher today and are about 2.782 million bags. The ICO composite price is now 113.34 ct/lb. Brazil should get scattered showers this week. Temperatures will average near to below normal. Colombia should get scattered showers, and Central America and Mexico should get showers and rains. Temperatures should average near to above normal. GCA stocks were 5.561 million bags at the end of August, from 5.432 million at the end of July.
Chart Trends: Trends in New York are mixed to up with objectives of 123.00 and 127.00 December. Support is at 116.00, 114.00, and 111.00 December, and resistance is at 121.00, 122.00, and 125.00 December. Trends in London are mixed to up with no objectives. Support is at 1720, 1690, and 1670 November, and resistance is at 1750, 1775, and 1800 November. Trends in Sao Paulo are mixed. Support is at 142.50, 140.50, and 139.00 December, and resistance is at 145.50, 148.50, and 150.50 December.
General Comments: Futures were lower on the reports of strong production in India from trade groups. The crop there is expected to be large and some will be exported. Futures are now falling back from the upper end of the trading range. Demand has improved, but the Indian reports took care of any ideas of tighter supplies. Thailand expects more production this year, and is actively offering their supplies into the world market. Differentials there have been moving lower in the last few weeks. Brazil and India are selling as well. Prices appear to be in a trading range for now due to solid demand and big production.
Overnight News: Brazil could see dry weather and moderate temperatures.
Chart Trends: Trends in New York are mixed. Support is at 1740, 1710, and 1700 March, and resistance is at 1780, 1810, and 1820 March. Trends in London are mixed to down with objectives of 481.00 and 473.00 December. Support is at 479.00, 475.00, and 470.00 December, and resistance is at 490.00, 494.00, and 495.00 December.
General Comments: Futures closed higher again on worries that there will not be enough Cocoa beans available for processing for end of the year holiday demand. Reports from Ivory Coast indicate that beans are hard to find and that some arrivals at ports are being rejected as either too small or moldy. Cocoa is between crops, and producers have already priced part of the coming crop and feel no need to sell more now. The lack of offer comes at a time when rains have returned to West Africa. Ideas are that crop conditions there are generally improving, but that already harvested beans can get moldy due in part to producer holding patterns and poor storage facilities. West Africa is expected to get scattered showers, and conditions there are said to be improving for almost all producers. Temperatures are moderate. The harvest will be getting underway soon. Malaysia and Indonesia crops appear to be in good condition and weather is called favorable. Nigerian farmers are drying Cocoa now that rains have passed and the weather has improved. Drying has been delayed over the last couple of weeks from too much rain.
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 4.411 million bags.
Chart Trends: Trends in New York are up with objectives of 2720 December. Support is at 2605, 2565, and 2540 December, with resistance at 2650, 2680, and 2710 December. Trends in London are up with objectives of 1770 December. Support is at 1710, 1690, and 1670 December, with resistance at 1740, 1770, and 2000 December.