Softs Report - Friday, May 28


General Comments: Futures were a little higher yesterday on stronger sales in the weekly export sales report. The reports have shown improved sales for the last couple of weeks. Trends are mixed on the daily charts. Cotton growing conditions have improved with rains reported in West Texas and the Delta. The forecasts for the Panhandle region of Texas are improved with rains seen over last week and with more coming. It is drier in the Southeast production areas. The Southeast needs to be watched as conditions there could turn too hot and dry. Delta crop conditions are called good.

Overnight News: The Delta will get isolated showers and near to above normal temperatures and the Southeast will get mostly dry conditions and above normal temperatures. Texas will have isolated showers and near to above normal temperatures. The USDA average price is now 78.43 ct/lb. ICE said that certified stocks are now 146,886 bales, from 146,731 bales yesterday.

Chart Trends: Trends in Cotton are mixed. Support is at 8150, 8120, and 8090 July, with the resistance of 8430, 8460, and 8610 July.

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General Comments: FCOJ closed a little higher and trends started to turn up as the US harvest is about over. The weather in Florida is good with mostly dry weather. The hurricane season is coming and a big storm could threaten trees and fruit. An active season is anticipated. It is dry in Brazil and crop conditions are called good even with drier than normal soils. Stress to trees could return if the dry weather continues as is in the forecast. Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. It is dry in northern and western Mexican growing areas.

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

Chart Trends: Trends in FCOJ are mixed up with objectives of 121.00, 126.00, and 140.00 July. Support is at 117.00, 115.00, and 113.00 July, with resistance at 120.00, 122.00, and 126.00 July.

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