General Comments: Futures were lower on ideas that funds and other speculators got very long in the rally about 10 days ago and needed to exit the market. Buying interest has disappeared since CFTC showed more longs than anticipated in the reports issued last night. Prices could continue to work lower in the short term. The fire at the port warehouses of Coopersucar has hurt the overall export pace from Brazil, but other origins, mostly India and Thailand, have been happy to step in and fill the void. The overall fundamental of big supplies remains. Sugar prices had dropped until recently due to big world production and especially big production ion Brazil. The production in Brazil and around the world is still there, but the ability of Brazil to export is much more difficult now. Meanwhile, countries like India and Thailand have a little less competition for sales. Weather conditions in key production areas around the world are rated as mostly good.
Overnight News: Brazil could see light showers with near to above normal temperatures.
Chart Trends: Trends in New York are down with objectives of 1775 March. Support is at 1830, 1820, and 1815 March, and resistance is at 1880, 1905, and 1915 March. Trends in London are down with objectives of 471.00 and 442.00 December. Support is at 483.00, 478.00, and 470.00 December, and resistance is at 493.00, 498.00, and 500.00 December.
General Comments: Futures closed lower once again on demand concerns. Demand is poor at a time of expanding harvest, and for now the market is in search of some export sales. Traders worry that China will not be a big buyer this year as the government there has been buying a lot and might have enough. However that has been true in past years but the private mills bought here, anyway. The private buyers will not have to buy just from the US as there appear to be increasing supplies available from other origins like India and Pakistan. Good weather in US productions areas should be replaced by scattered showers over the middle of the week, but the crop should remain in good condition as the rains are not expected to be big. Traders should get more reports on demand this week. Brazil conditions are reported to be very good in Bahia. US crop conditions right now are generally good in Texas. The Delta and Southeast are reporting generally favorable conditions as well. Trends are down on the charts.
Overnight News: The Delta and Southeast will see rain develop today and tomorrow, then dry weather again over the weekend. Temperatures will average near to above normal. Texas will see dry weather. Temperatures will average near to above normal. The USDA spot price is 75.28 ct/lb. today. ICE said that certified Cotton stocks are now 0.146 million bales, from 0.141 million yesterday. USDA said that net Upland Cotton export sales were 612,300 bales this year and 13,300 bales next year. Net Pima sales were 78,600 bales this year and 0 bales next year.
Chart Trends: Trends in Cotton are down with no objectives. Support is at 78.30, 77.40, and 76.80 December, with resistance of 79.75, 80.10, and 81.20 December.
General Comments: Futures closed higher on speculative short covering. Many traders were getting out of positions before the deliveries start at the end of the week. There will be less production this year due to greening disease and some unfavorable weather earlier in the year. However, demand remains mostly on the weak side and there have been no tropical systems to hit the state. Growing conditions in the state of Florida remain mostly good. Dry weather has returned and conditions are said to be very good in almost the entire state. Temperatures are warm. Fruit is reported to be sizing well and of consistent size and trees are reported in good condition. Some early harvest has started. Brazil is seeing near to above normal temperatures and showers.
Overnight News: Florida weather forecasts call for mostly dry conditions. Temperatures will average near to above normal.
Chart Trends: Trends in FCOJ are mixed. Support is at 116.00, 115.00, and 112.00 November, with resistance at 121.00, 122.50, and 125.00 November.
General Comments: Futures were little changed amid little trading interest. The Vietnamese harvest will continue under good conditions as weather is mostly dry. The production in Vietnam is expected to be very big and traders expect more downward pressure on prices as the harvest starts to hit the market Brazil has a lot of Coffee to sell yet, but the market there seems quiet now. Colombia is actively selling even with very cheap prices and the production there is much larger than in recent years. The rest of northern Latin America was quiet. Coffee is available in Central America, but the market was quiet. There were offers, but bids and offers were far apart.
Overnight News: Certified stocks are lower today and are about 2.711 million bags. The ICO composite price is now 101.47 ct/lb. Brazil should get light showers. Temperatures will average near to above normal. Colombia should get scattered showers, and Central America and Mexico should get light showers. Temperatures should average near to above normal.
Chart Trends: Trends in New York are down with objectives of 106.00 December. Support is at 105.00, 102.00, and 99.00 December, and resistance is at 110.00, 113.50, and 115.00 December. Trends in London are down with no objectives. Support is at 1460, 1430, and 1400 January, and resistance is at 1575, 1605, and 1665 January. Trends in Sao Paulo are down with objectives of 123.50 December. Support is at 129.00, 126.00, and 123.00 December, and resistance is at 135.00, 136.50, and 139.00 December.
General Comments: Futures closed mixed as the West Africa harvest continues and arrivals increase. Ivory Coast is estimating its production at about 1.4 million tons this year, about unchanged from last year. There have been no reports yet on quality or yields from Ghana, but Nigeria says it has good crops. The weather is good now, and arrivals at ports are increasing throughout the region. The harvest is underway and it could be that prices work lower for the near term. However, the overall fundamental picture should support higher prices as the supply situation should be tight and demand looks strong. That implies that the market should be able to digest the harvest relatively easily and resume the longer term rally soon.
Overnight News: Scattered showers or dry conditions are expected in West Africa. Temperatures will average near normal. Malaysia and Indonesia should see scattered showers. Temperatures should average above normal. Brazil will get dry conditions and near normal temperatures. ICE certified stocks are lower today at 3.802 million bags.
Chart Trends: Trends in New York are down with objectives of 2620, 2530, and 2410 December. Support is at 2645, 2610, and 2560 December, with resistance at 2675, 2695, and 2750 December. Trends in London are down with objectives of 1660 December. Support is at 1670, 1640, and 1610 December, with resistance at 1700, 1725, and 1740 December.