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.
Next page: Orange juice, Coffee and Cocoa
General Comments: Futures closed higher in recovery trading. There was no fundamental news to support the move, but the reversal day from the day before created some buying interest from shorts and from new longs. It is possible that FCOJ futures can rally through the end of the week. The historical peak of the hurricane season has passed and so far no storms have come close to the state. There are still no real threats showing in the tropical Atlantic for Florida, and none in the forecast through at least the end of the week. 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 showers.
Overnight News: Florida weather forecasts call for some showers. Temperatures will average near normal.
Chart Trends: Trends in FCOJ are mixed.. Support is at 125.00, 124.00, and 122.50 November, with resistance at 131.00, 132.00, and 135.00 November.
General Comments: Futures were higher again, with speculators early buyers and later sellers. Industry is more interested as the market did not keep going down despite good weather in Brazil. Rains are being reported to promote good flowering for the next crop. Coffee is available in Central America. New crop is now being offered and the last of the old crop is getting moved. Colombia is offering Coffee into the cash market as well. 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 the rest is still a big problem. Vietnam is seeing some flooding rains in production areas. Another tropical storm is forecast to hit the country this weekend or next week and could cause more damage.
Overnight News: Certified stocks are higher today and are about 2.778 million bags. The ICO composite price is now 112.49 ct/lb. Brazil should get dry weather this week and scattered showers most of the weekend. Temperatures will average near to above normal early in the week and near to below normal late in the week. 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 114.00, 111.00, and 108.00 December, and resistance is at 119.00, 121.00, and 122.00 December. Trends in London are mixed. Support is at 1685, 1660, and 1630 November, and resistance is at 1720, 1735, and 1750 November. Trends in Sao Paulo are mixed. Support is at 140.00, 138.00, and 135.00 December, and resistance is at 145.50, 148.50, and 150.50 December.
General Comments: Futures closed lower in liquidation trading. The fundamentals are considered bullish, but chart action shows that much of the fundamental news might be part of the price. Worries are that there will not be enough Cocoa beans available for processing for end of the year holiday demand. Cocoa is between crops, and offers are light. 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. 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 4.296 million bags.
Chart Trends: Trends in New York are mixed. Support is at 2565, 2540, and 2510 December, with resistance at 2610, 2625, and 2650 December. Trends in London are mixed to down with no objectives. Support is at 1670, 1650, and 1630 December, with resistance at 1695, 1710, and 1730 December.