COTTON
General Comments: Cotton was lower in part on the acreage reports that said that 12.5 million acres of Cotton of planted this year. The report suggested that all of the Cotton got planted and now the market is concerned about the weather. There continues to be talk of a big recession here in the US and around the world. Traders worry that the continued Chinese lockdowns will hurt demand for imported Cotton for that country and that a weaker economy in the west will hurt demand from the rest of the world. There are forecasts for hot and dry weather to return this week after some showers in West Texas and the rest of the Great Plains over the last couple of weeks. The crop conditions are better than expected after a very hot and dry period in West Texas and the rest of the western Great Plains. The Indian weather is cooler and wetter and conditions appear good. Chinese demand could become less due to the Covid lockdowns there be trimming imports due to Covid and has closed a number of cities as the Covid spreads through the nation. The cities and ports are shut down again as Covid returns.
Overnight News: The Delta will get isolat4ed showers and near to above normal temperatures and Southeast will get scattered showers and near to above normal temperatures. Texas will have mostly dry conditions and above normal temperatures. The USDA average price is now 110.28 ct/lb. ICE said that certified stocks are now 13near to,733 bales, from 13,250 bales yesterday. ICE NY said that 79 notices were posted for delivery against July contracts and that total deliveries for the month are now 109 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 91.00, 89.70, and 88.50 December, with resistance of 99.70, 100.80 and 103.30 December.

Photo by Anastasiia Chepinska on Unsplash

FCOJ
General Comments: FCOJ was higher yesterday and trends are turning up on the charts. The fall has been dramatic since the market made new contract highs earlier this month. The weather remains generally good for production around the world for the next crop. Brazil has some rain and conditions are rated good. Weather conditions in Florida are rated mostly good for the crops with some showers and warm temperatures.
Overnight News: Florida should get isolated showers. Temperatures will average near to above normal. Brazil should get mostly dry conditions and near to above normal temperatures. ICE said that 0 contracts were poste for delivery against July futures and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are mixed to up with no objectives. Support is at 169.00, 161.00, and 158.00 September, with resistance at 175.00, 179.00, and 183.00 September.

COFFEE
General Comments: New York and London closed higher yesterday in quiet trading. Demand for Coffee overall is thought to be less as the world economic situation changes for the worse but the strong cash market means that even less Coffee is on offer. In fact, certified stocks in New York keep dropping and are becoming low. There is less Coffee on offer from origin, with Brazil offering less and Central America and Vietnam offering less as well. Temperatures are near to above normal in Brazil and there are no forecasts for frosts or freezes in the short term.
Overnight News: ICE certified stocks are lower today at 0.955 million bags. The ICO daily average price is now 200.92 ct/lb. Brazil will get mostly dry conditions with near to above normal temperatures. Central America will get scattered showers. Vietnam will see scattered showers. ICE NY said that 0 contracts were tendered for delivery against July futures and that total deliveries for the month are 0 contracts.
Chart Trends: Trends in New York are mixed to up with objectives of 237.00 and 245.00 September. Support is at 224.00, 222.00, and 219.00 September, and resistance is at 235.00, 237.00 and 240.00 September. Trends in London are mixed to down with objectives of 2040 and 2000 September. Support is at 2010, 1990, and 1960 September, and resistance is at 2090, 2110, and 2150 September,

SUGAR
General Comments: New York was mixed yesterday on ideas of bigger supplies. London closed higher as White Sugar supplies and production are short right now. New York Raw Sugar and London White Sugar trends are sideways to perhaps up in London on the daily charts. India is reported to have a big crop of Sugarcane coming and as Brazil is harvesting its crop of Sugarcane and turning most of it into Ethanol but some Sugar is making it into export channels. Sugar production from these countries is expected to be surplus or at least in line with demand. Thailand is still offering and exporting. Reports from India indicated that conditions are generally good for Sugar production. The Indian weather service is predicting a normal monsoon season this year.
Overnight News: Brazil will get mostly dry conditions. Temperatures should average near to below normal. India will get isolated showers in eastern areas and near to above normal temperatures.
Chart Trends: Trends in New York are mixed. Support is at 1840, 1820, and 1790 October and resistance is at 1870, 1910, and 1960 October. Trends in London are mixed to up with objectives of 545.00 and 558.00 October. Support is at 532.00, 526.00, and 519.00 October and resistance is at 540.00, 544.00, and 553.00 October.

COCOA
General Comments: New York and London were lower yesterday and tre4nds turned down again on the daily charts on weak demand ideas. Both cocoa markets are also showing signs of a bottom on the daily charts. Reports of sun and dry weather along with very good soil moisture keep big production ideas alive in Ivory Coast. Some very good rains were reported last week. Ideas are still that good production is expected from West Africa for the year. The weather is good for harvest activities in West Africa. Current reports from Ivory Coast indicate that the weather is a good mix of sun and rain so a good midcrop production is expected. The weather is good in Southeast Asia.
Overnight News: Scattered showers are forecast for West Africa. Temperatures will be near normal. Malaysia and Indonesia should see scattered showers. Temperatures should average above normal. Brazil will get mostly dry conditions and near to below normal temperatures. ICE certified stocks are higher today at 5.549 million bags. ICE NY said that 186 contracts were posted for delivery against July contracts and that total deliveries for the month are now 2,220 contracts.
Chart Trends: Trends in New York are down with objectives of 2300 September. Support is at 2320, 2290, and 2260 September, with resistance at 2400, 2430, and 2470 September. Trends in London are mixed to down with objectives of 1680 September. Support is at 1690, 1680, and 1650 September, with resistance at 1750, 1780, and 1790 September.