General Comments: Futures closed mixed to higher on follow-through buying. Traders were anticipating some beneficial economic news from China, Europe and the U.S. to keep short-term demand ideas intact. Demand has in fact turned softer lately as export sales have decreased, but the better economic news keeps hopes of a rebound alive. The data implied that demand for clothes can increase as more and more people go back to work here and that the Chinese economy is still in mostly good condition. Brazil conditions are reported to be very good in Bahia. Harvest in the US should be about done now as winter moves south. However, farmers are not selling much and certified stocks are dropping fast. Charts show that the market completed a major low.
Overnight News: The Delta and Southeast should see dry conditions. Temperatures will average near to above normal. Texas will see dry conditions. Temperatures will average above normal. The USDA spot price is 79.91 ct/lb. today. ICE said that certified Cotton stocks are now 0.057 million bales, from 0.058 million yesterday
Chart Trends: Trends in Cotton are up with objectives of 86.90, 89.40, and 96.10 March. Support is at 82.30, 81.80, and 80.95 March, with resistance of 83.60, 84.00, and 84.40 March.
General Comments: Futures closed lower as weather in Florida remains very good for the citrus crops. Florida remains warm, although it has turned dry. There does not seem to be anything going on with the weather systems to expect any dangers to the crop for the short term. The greening disease has affected crops in a big way and could cause reduced production for the next few years. Growing and harvest conditions in the state of Florida remain mostly good. It has turned mostly dry, which is seasonal, and reports indicate that crops are in good condition. Irrigation water is available. Harvest is very active, but fruit sizes are reported to be small so far this year. Brazil is seeing near normal temperatures and scattered showers.
Overnight News: Florida weather forecasts call for mostly dry conditions. Temperatures will average mostly above normal.
Chart Trends: Trends in FCOJ are mixed to up with objectives of 148.00 and 152.00 January. Support is at 141.00, 136.50, and 133.50 January, with resistance at 146.00, 148.00, and 149.00 January.