Softs Report - Friday, June 25

COCOA
General Comments: New York closed mixed to lower and London closed lower. The daily charts show downtrends in both markets. The harvests are over in West Africa and ports there have been filled with Cocoa. The weather has had above-average rains in West Africa. European demand has been slow and demand ideas, in general, are weak. The supplies are there for any increased demand.
Overnight News: Isolated showers 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 mostly dry conditions and near to above normal temperatures. ICE certified stocks are higher today at 5.767 million bags. ICE said that 2 contracts were posted for July delivery and that total deliveries for the month are now 231 contracts.
Chart Trends: Trends in New York are down with objectives of 2280 September. Support is at 2320, 2300, and 2280 September, with resistance at 2370, 2410, and 2450 September. Trends in London are down with objectives of 1580 and 1550 September. Support is at 1600, 1590, and 1570 September, with resistance at 1620, 1640, and 1650 September.

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Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

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