General Comments: Futures were higher on follow through buying from Unica data that showed less production of sugar in Brazil. Other private sources have recently reduced sugarcane and sugar production estimates because of poor growing conditions earlier in the year, and UNICA will most likely do the same on Oct. 1. Futures have made a break out higher on the charts. Brazil weather has been mostly good for harvesting. Some showers are reported now that will help support growth for the next crop but will delay harvesting of the current crop. Thailand expects more production this year, and is actively offering their supplies into the world market. India and Brazil are the same. Differentials there have been moving lower in the last few weeks, but are more stable now. Brazil and India are selling as well.
Overnight News: Brazil could see scattered showers and moderate temperatures.
Chart Trends: Trends in New York are up with objectives of 1880 and 1980 March. Support is at 1780, 1750, and 1740 March, and resistance is at 1820, 1830, and 1850 March. Trends in London are mixed. Support is at 486.00, 483.00, and 479.00 December, and resistance is at 491.00, 494.00, and 495.00 December.
General Comments: Futures closed higher after big rains were reported in southeastern production areas over the weekend. The crop is late this year, but might have sustained some damage with the big rains last week. The late crop is also affecting price action for the October contract that is now in delivery. No deliveries have been reported so far, and usually there is some of the crop from South Texas available. Not so far this year. Some short covering was note don ideas that the crop is less tan expected, in part due to the recent big rains. US crop conditions right now are generally good with moderate to warm temperatures and dry conditions in the forecast for Texas this week and dry weather in the forecast for the Delta and Southeast.
Overnight News: The Delta and Southeast will see showers tomorrow, otherwise dry weather. Temperatures will average above normal. Texas will see dry weather. Temperatures will average above normal. The USDA spot price is now 81.43 ct/lb. ICE said that certified Cotton stocks are now 0.014 million bales, from 0.019 million yesterday. USDA said that net Upland Cotton export sales were 66,500 bales this year and 9,900 bales next year. Net Pima sales were 20,900 bales this year and 0 bales next year.
Chart Trends: Trends in Cotton are mixed. Support is at 84.10, 83.70, and 83.55 December, with resistance of 85.10, 85.50, and 85.80 December.
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