General Comments: Futures were lower on speculative selling tied to ideas of big stocks as seen in the GCA reports on Monday and on ideas of improving weather in Brazil. 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 conditions for the next crop. The current crop harvest has proceeded well under mostly dry conditions. Coffee is available in Central America as farmers and mills clear inventories before the next harvest. New crop is now being offered. 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 this year. In addition, Hurricane Ingrid will bring some very big rains to central Mexico this week and could damage crops. Colombia is still reported to have good conditions. Vietnam is seeing some flooding rains in production areas this week.
Overnight News: Certified stocks are lower today and are about 2.781 million bags. The ICO composite price is now 110.03 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. Big rains are likely in central and south central Mexico. Temperatures should average near to above normal.
Chart Trends: Trends in New York are down with objectives of 112.00, 111.00, and 106.00 December. Support is at 114.00, 111.00, and 108.00 December, and resistance is at 121.00, 122.00, and 125.00 December. Trends in London are down with objectives of 1620 November. Support is at 1660, 1630, and 1600 November, and resistance is at 1720, 1735, and 1750 November. Trends in Sao Paulo are down with objectives of 123.50 December. Support is at 137.00, 134.00, and 131.00 December, and resistance is at 139.00, 140.50, and 142.50 December.
General Comments: Futures closed a little higher in response to the FSA data that showed some Cotton area had not been planted. The report gave ideas that production might not be as strong as originally expected. 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 see some storms on Friday and Southeast will see showers this weekend. Temperatures will average near to above normal. Texas will see scattered showrs 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: Orange juice, Sugar and Cocoa
General Comments: Futures closed sharply 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. One storm in the Gulf of Mexico could bring some big rains to the northern half of Florida, but no damage is expected and no big winds are expected. 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, but shows are in the forecast for the balance of the week.
Overnight News: Florida weather forecasts call for some showers. Temperatures will average near normal.
Chart Trends: Trends in FCOJ are down with objectives of 121.00 November. Support is at 126.00, 124.00, and 122.50 November, with resistance at 131.00, 132.00, and 134.00 November.
General Comments: Futures were lower on follow through selling. The crop there in India 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 there is plenty of Sugar to buy. 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, but are more stable now. Brazil and India are selling as well. Price appear to be in a longer term trading range for now due to soild demand and big production.
Overnight News: Brazil could see dry weather and moderate tempertures.
Chart Trends: Trends in New York are mixed to down with no objectives. Support is at 1740, 1710, and 1700 March, and resistance is at 1760, 1780, and 1810 March. Trends in London are mixed to down with objectives of 473.00 December. Support is at 479.00, 475.00, and 470.00 December, and resistance is at 487.00, 490.00, and 494.00 December.
General Comments: Futures closed lower on long liquidation after failing to make new highs again. Worries that there will not be enough Cocoa beans available for processing for end of the year holiday demand have supported the market overall. 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 offers are light. 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. Ideas are that drought and hot temperatures seen earlier in the growing season has hurt bean size and yields. 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.
Overnight News: Scattered showers are expected in West Africa. Temperatures will average near normal. Malaysia and Indonesia should see scattered showers, but southern áreas could be dry. Temperatures should average above normal. Brazil will get mostly dry conditions and warm temperatures. ICE certified stocks are lower today at 4.394 million bags.
Chart Trends: Trends in New York are mixed to up with objectives of 2720 December. Support is at 2600, 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 1700, 1690, and 1670 December, with resistance at 1740, 1770, and 2000 December.