COTTON
General Comments: Cotton was a little higher yesterday on what appeared to be speculative buying. Cruder Oil weas also higher to helpt support Cotton. Selling has come from news that Trump will impose some big tariffs on China, but the tariffs posted were not as high as he had threatened before during the campaign. China has big problems with its domestic economy with consumer buying interest not strong and many people not working. The government has said it will take stimulus measures for the economy there next year. There are still reports of weaker demand potential against an outlook for good US production in the coming year.
Overnight News:
Chart Trends: Trends in Cotton are mixed. Support is at 68.20, 67.50, and 66.80 March, with resistance of 69.90, 70.40 and 71.00 March.

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FCOJ
General Comments: FCOJ closed moderately higher yesterday. The chart trends remain down on the daily charts. The short term supply scenario remains very tight. The market remains well supported in the longer term based on forecasts for tight supplies in Florida. The reduced production appears to be mostly at the expense of the greening disease and some extreme weather seen in the last couple of years. There are no weather concerns to speak of for Brazil or Florida right now.
Overnight News:
Chart Trends: Trends in FCOJ are mixed to down. Support is at 4879.00, 485.00, and 471.00 March, with resistance at 502.00, 512.00, and 524.00 March.

COFFEE
General Comments: New York and London were high as tight Arabica availability went against tight Robusta availability as the harvest has stalled in Vietnam due to too much rain. The rains are also hurting the quality of the harvest as it is more difficult to dry and store the beans correctly. Reports of reduced offers from Brazil on weather induced short crops continue and there are also reports of too much rain in parts of Central America damaging crops there. Conditions are now good in Brazil. There are reports from Brazil that producers have already sold a lot of Coffee and are holding back on selling more even with good demand.
Overnight News: The ICO average price is 300.76 ct/lb.
Chart Trends: Trends in New York are mixed. Support is at 314.00, 301.00, and 290.00 March, and resistance is at 342.00, 347.00 and 353.00 March. Trends in London are mixed. Support is at 4910, 4770, and 4630 January, with resistance at 5350, 5400, and 5550 January.

SUGER
General Comments: New York and London were higher yesterday on what seemed to be speculative trading. The current Brazil rains have kept the harvest and crushing pace down but could provide a boost to production for next year. Trends are down in both markets on the daily charts and on the weekly charts in both markets. Indian and Thai mills are expecting strong crops of cane. Supplies available to the market could be less in the next six months due to adverse growing conditions seen in Brazil during the production period. Total Brazil production has been affected by drought seen earlier in the year and the fires that destroyed crops in some areas.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1920, 1880, and 1850 March and resistance is at 2070, 2140, and 2200 March. Trends in London are mixed. Support is at 503.00, 495.00, and 490.00 March, with resistance at 526.00, 538.00, and 545.00 March.

COCOA
General Comments: New York closed much lower yesterday on what appeared to be speculative positioning. London was lower. There is talk that production will be short of demand for the fourth year in a row. Chart trends are up in both markets on the daily charts. Producers in Ghana and in Ivory Coast have been fighting against too much rain that has made it hard to harvest and deliver crops. It has been very dry in West Africa lately. The trade also noted ICE-certified cocoa stocks have been rising of late, but that overall cocoa supply is set to remain sharply constrained for several seasons due to structural problems in Ivory Coast and Ghana.
Overnight News:
Chart Trends: Trends in New York are mixed to down. Support is at 10660, 10250, and 9790 March, with resistance at 13000, 13600, and 14200 March. Trends in London are mixed to up. Support is at 8500, 8160, and 7810 March, with resistance at 10200, 10500, and 10700 March.

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