Softs Report - Monday, April 19

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General Comments: Futures were higher for the week and trends are still up on the daily and the weekly charts. Prices were lower on Friday on what appeared to be speculative profit-taking. The demand for US Cotton in the export market has been strong even with the Coronavirus causing disruptions at the retail level around the world. The US stock market has been generally firm to help support ideas of a better economy here and potentially increased demand for Cotton products. It is dry in western and southern Texas and the planting of Cotton is being delayed. Some showers are expected in western areas in the next couple of days to help there, but it is still dry overall. It has also been cold which has hurt any early establishment of the crops.

Overnight News: The Delta will get scattered showers today and tomorrow, then dry conditions and below normal temperatures and the Southeast will get scattered showers this weekend, then dry conditions and below normal temperatures. Texas will have isolated showers and below normal temperatures. The USDA average price is now 79.25 ct/lb. ICE said that certified stocks are now 95,536 bales, from 95,536 bales yesterday.

Chart Trends: Trends in Cotton are up with objectives of 8950 May. Support is at 8340, 8200, and 8160 May, with a resistance of 8560, 8660, and 8700 May.


General Comments: FCOJ closed a little higher and continued to break out higher from recent trading ranges on the daily and weekly charts as production of Oranges has been less this year. The demand for FCOJ is said to be weaker. The weather has turned warmer so less flu is around and the increased vaccination pace means that the coronavirus is less. Moderate temperatures are expected for Florida this week. The weather in Florida is good with a few showers or dry weather to promote good tree health and fruit formation. The hurricane season is coming and a big storm could threaten trees and fruit. 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.

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