COTTON
General Comments: Cotton was a little higher last week as demand ideas got help when Mr. Trump dialed back on his tariff threats and threats on the independence of the Fed. Macroeconomic markets turned higher with the news and the buying spilled into Cotton. There are still hopes for improved growing weather. Some rain was reported in west Texas last week, and farmers are in the fields. More showers are in the forecast for the Great Plains.
Overnight News: The USDA average price is now 70.19 ct/lb. ICE said that 9 notices were posted for May delivery and that total deliveries for the month are now 9 contracts.
Chart Trends: Trends in Cotton are mixed to up. Support is at 68.10, 67.40, and 66.20 July, with resistance of 70.00, 71.60 and 72.00 July.

FCOJ
General Comments: FCOJ closed lower last week and the trends are now down in the market. USDA has reduced Florida production 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 although Brazil could turn hot and dry.
Overnight News:
Chart Trends: Trends in FCOJ are down. Support is at 247.00, 233.00, and 212.00 May, with resistance at 301.00, 319.00, and 341.00 May.

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COFFEE
General Comments: New York and London were higher last week. There are still ideas of good demand against ideas of less supplies available to the market. The lack of offers from Brazil continues even with the Robusta harvest started. Vietnam is done with its harvest. Hot and dry weather is in the forecast for Brazil longer term. Trends are up on the daily charts.
Overnight News: The ICO average price is 351.69 ct/lb. ICE NY said that 1 contract was tendered for delivery against May futures and that total deliveries for the month are now 158 contracts.
Chart Trends: Trends in New York are mixed to up. Support is at 398.00, 388.00, and 381.00 July, and resistance is at 411.00, 416.00 and 422.00 July. Trends in London are mixed. Support is at 5270, 5140, and 4880 July, with resistance at 5490, 5550, and 5600 July.

SUGAR
General Comments: Both markets were a little higher last week and trends started to turn up on the daily charts. Ideas of good supplies and less demand continue. China has been a buyer with cheaper prices to help provide some support. Thai Sugar has moved to China lately and in volume. There were reports of some scattered showers in center south Brazil and reports that India will have comfortable beginning stocks to help cushion the blow from reduced production for the coming year.
Overnight News:
Chart Trends: Trends in New York are down. Support is at 1790, 1860, and 1740 July and resistance is at 1830, 1860, and 1910 July. Trends in London are down. Support is at 488.00, 484.00, and 478.00 August, with resistance at 508.00, 513.00, and 521.00 August.

COCOA
General Comments: New York and London were higher in recovery trading after weakness on Wednesday. Trends are mixed in London and in New York, and demand ideas got hurt as the tariffs will increase costs to US buyers of chocolates. Demand ideas have been under pressure on the high prices currently seen for Cocoa due to bad production in West Africa. Cocoa imports are now subject to a 10% tariff at minimum.
Overnight News: ICE said that 42 contracts were posted for delivery against May futures and that total deliveries for the month are now 1,042 contracts.
Chart Trends: Trends in New York are mixed to up. Support is at 8620, 8530, and 8080 July, with resistance at 10080, 10450, and 10870 July. Trends in London are mixed. Support is at 6100, 5910, and 5690 July, with resistance at 6650, 6850, and 6890 July.

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