COTTON        

General Comments:  Cotton futures were near unchanged in nearby months but lower in deferred months.  Demand concerns continue as the export sales have been decreasing in recent weeks and were a little weaker again yesterday.  It’s been a demand market and futures have been correcting lower over the last few sessions in search of new demand.  Good US production is expected for next year as planted area is expected to increase due to high Cotton prices and the expense of planting Corn.  Chart trends are turning down in this market.

Overnight News:  The Delta will get scattered showers and near to above normal temperatures.  The Southeast should get mostly dry conditions and near to below normal temperatures.  Texas will have isolated to scattered showers and near to above normal temperatures.  The USDA average price is now 117.31 ct/lb.  ICE said that certified stocks are now 617 bales, from 617 bales yesterday.

Chart Trends:  Trends in Cotton are mixed to down with objectives of 120.00 and 115.00 March.  Support is at 120.80, 119.70, and 118.40 March, with resistance of 123.60, 125.80, and 127.40 March.

Stock photos by Vecteezy

FCOJ 

General Comments: FCOJ was a little higher and held within the recent trading range. There are moderate weather forecasts for the coming week. Brazil has some rain and conditions are rated very good.  Brazil production was down last year due to dry conditions at flowering time and then a freeze just before harvest.  Mexico is rated in good condition.

Overnight News:  Florida should get mostly dry conditions.  Temperatures will average near normal.   Brazil should get scattered showers and near to above normal temperatures.

Chart Trends:  Trends in FCOJ are mixed to down with objectives of 132.00 and 115.00 March.  Support is at 130.00, 127.00, and 123.00 March, with resistance at 139.00, 141.00, and 149.00 March.

COFFEE   

General Comments:  New York closed a little lower and London closed near unchanged as ideas of tight supplies available nearby in the marketplace continue but as ideas continue that the next crops in Brazil and Vietnam are experiencing good growing conditions.  Brazil producers have sold some coffee for the next crop.  Vietnamese producers have pulled back from the market for now and Indonesia has been out of the market.  The dry weather and then the freeze in Brazil have created a lot of problems for the trees to form cherries this year.  Big rains more recently in some Brazil growing areas have hurt cherry formation as well.  The logistical situation in both Vietnam and Brazil has eased in recent weeks but is still considered difficult and expensive to manage.  Vietnam is getting good growing conditions.  The rest of Southeast Asia should get scattered showers in the islands and mostly dry conditions on the mainland.  Production conditions for the next crop in Colombia are not good due to too much rain.

Overnight News: ICE-certified stocks are lower today at 1.016 million bags.   The ICO daily average price is now 214.18 ct/lb.  Brazil will get scattered showers with near-normal temperatures.  Central America will get mostly dry conditions.  Vietnam will see scattered showers near the coast and mostly dry conditions inland.  ICE NY said that 29 contracts were tendered for delivery against March futures and that total deliveries for the month are 29 contracts.

Chart Trends:  Trends in New York are mixed.  Support is at 245.00, 241.00, and 238.00 May, and resistance is at 255.00, 247.00, and 260.00 May.  Trends in London are mixed.   Support is at 2250, 2220, and 2200 May, and resistance is at 2280, 2300, and 2320 May[JS1].

SUGAR                 

General Comments:  New York and London were higher as both markets try to put together at least a short-term low.  Brazil mills produced only ethanol in the second half of January but are expected to produce a lot more Sugar as the Brazil government has kept petroleum prices very low and discouraged the use of Ethanol in the blend.  There have been reports of improved growing conditions for the crops in central-south areas of Brazil.  Hot and dry weather is expected for southern areas this week to stress crops again but most areas should have enough moisture for Sugar crops.  Ideas are that the supplies are available from India and Thailand as harvests there are off to a good start and reports indicate that India has been selling. Demand is still thought to be good, but supplies could increase as less ethanol is produced.

Overnight News:  Brazil will get scattered showers.  Temperatures should average near to above normal.

Chart Trends: Trends in New York are mixed.  Support is at 1750, 1740, and 1710 May and resistance is at 1820, 1860, and 1900 May.  Trends in London are mixed.  Support is at 479.00, 477.00, and 472.00 May and resistance is at 490.00, 494.00, and 496.00 May.

COCOA                                                                                   

General Comments:  Both markets closed lower on follow-through selling as the short-term trends are down despite ideas of bad weather in Ivory Coast.  The weather is generally good for Southeast Asia but some producers in West Africa are worried about the dry weather that has been noted for the last couple of weeks.  Ideas are that demand will continue to improve.  Both Ivory Coast and Ghana are reporting deteriorating weather as it is now mostly sunny and dry.  Some farmers want more rain for the best Spring harvest results.

Overnight News:  Mostly dry conditions are forecast for West Africa.  Temperatures will be near to above normal.  Malaysia and Indonesia should see showers.  Temperatures should average above normal.  Brazil will get scattered showers and near normal temperatures.  ICE certified stocks are higher today at 4.758 million bags.

Chart Trends:  Trends in New York are down with no objectives.  Support is at 2530, 2500, and 2480 March, with resistance at 2680, 2700, and 2740 March.  Trends in London are down with no objectives.  Support is at 1680, 1670, and 1600 March, with resistance at 1740, 1760, and 1790 March.