General Comments: Futures closed lower again on more speculative profit taking. The fundamentals are still considered bullish as production still looks to be less than demand for the coming year. However, it is possible that a lot of the projected shortages are now part of the price. Ivory Coast has increased the guaranteed price to farmers, and that might help with production prospects even though the main crop is about ready for harvest. Farmers might buy more inputs to help increase mid crop production potential. Cocoa is between crops, and offers are light. Rains have returned to West Africa. Ideas are that crop conditions there are generally good. Ideas are that drought and hot temperatures seen earlier in the growing season has hurt bean size and yields. Malaysia and Indonesia weather is 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 4.189 million bags.
Chart Trends: Trends in New York are mixed. Support is at 2555, 2535, and 2505 December, with resistance at 2620, 2650, and 2680 December. Trends in London are mixed to down with no objectives. Support is at 1650, 1640, and 1630 December, with resistance at 1680, 1700, and 1715 December.
General Comments: Futures closed moderately higher as Tropical Storm Karen formed and was forecast to move into Georgia. The storm could hurt open bolls and hurt overall quality. Traders also talk about monsoon rains in India that are slow to withdraw this year. The extra rains could really hurt quality there, and maybe yields. Worries about Chinese production are also Heard after some big typhoons passed near important production areas. Some short covering was noted on ideas that the crop is less than expected in the US, in part due to the recent big rains. US crop conditions right now are generally good in Texas. Moves higher today could set the stage for a new leg higher on the charts.
Overnight News: The Delta and Southeast will see showers developing in the Delta on Friday and over the weekend in the Southeast. Temperatures will average above normal. Texas will see dry weather. Temperatures will average above normal this week and below normal this weekend. The USDA spot price is not available today. ICE said that certified Cotton stocks are now 0.011 million bales, from 0.011 million yesterday.
Chart Trends: Trends in Cotton are up with objectives of 8940 and 9300 December. Support is at 85.80, 85.50, and 84.60 December, with resistance of 87.70, 87.85, and 89.40 December.
Next page: Orange juice, Coffee and Sugar
General Comments: Futures closed a little lower despite the formation of Tropical Storm Karen in the southern Gulf of Mexico. The storm looks to move to the US, but is forecast to stay well west of Florida citrus production areas. Florida weather conditions overall remain good, with good rains before and good irrigation water available now. Production will be down due to the greening disease and some drought stress early in the year, but these losses are mostly factored into the price. 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 126.00, 125.00, and 122.50 November, with resistance at 132.00, 135.00, and 139.00 November.
General Comments: Futures were higher again yesterday in quiet trading. It appeared to be a rally led mostly by speculative short covering. Producers all over the world are worried about the low prices. Rains are continuing in Brazil. Brazil markets appear mostly quiet. 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 at stable differentials. 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 rust is still a big problem. The weather is good, with frequent rains.
Overnight News: Certified stocks are a little lower today and are about 2.765 million bags. The ICO composite price is now 109.52 ct/lb. Brazil should get drier weather this weekend. Temperatures will average near normal. Colombia should get scattered showers, and Central America and Mexico should get showers and rains. Northern Mexico should be mostly dry. Temperatures should average near to above normal. LIFFE stocks are now 6,038 lots
Chart Trends: Trends in New York are mixed to down with objectives of 112.00, 111.00, and 106.00 December. Support is at 113.00, 111.00, and 108.00 December, and resistance is at 117.00, 119.00, and 121.00 December. Trends in London are mixed. Support is at 1640, 1600, and 1570 November, and resistance is at 1715, 1740, and 1770 November. Trends in Sao Paulo are mixed. Support is at 135.00, 132.00, and 129.00 December, and resistance is at 140.00, 142.00, and 145.50 December.
General Comments: Futures were higher on follow through speculative buying tied to ideas of less production in Brazil. Trends remain up on the charts. India also might have production problems as the monsoon has been slow to recede. The increased potential for more crop losses in Brazil and other countries is due to rains in the forecast for this week. The rains have cut yields in Brazil and could do the same in India as the monsoon there has been very slow to recede. There is talk of increased offers from India and Thailand, and Thai differentials have been under some pressure in recent weeks, but are stable this week. Thailand expects more production this year, and is actively offering their supplies into the world market. India and Brazil are the same, so Sugar should be available at good prices for buyers.
Overnight News: Brazil could see scattered showers and moderate temperatures. .
Chart Trends: Trends in New York are up with objectives of 1880, 1940, and 1980 March. Support is at 1825, 1815, and 1790 March, and resistance is at 1870, 1880, and 1910 March. Trends in London are mixed to up with objectives of 473.00 and 499.00 December. Support is at 487.00, 478.00, and 476.50 December, and resistance is at 495.00, 496.00, and 500.00 December.