COTTON

General Comments: Cotton was lower last week, but rallied late in the week on reports of increased commercial buying and of speculators covering short positions.  Farmers are not selling too much due to price, but buyers are hard to find.  A lack of new Chinese demand has been important and a reason to see lower US prices.  The lack of demand seems to be part of the price for now but the demand is not a reason to see a rally anytime soon.  The US harvest is over.

Chart Trends:  Trends in Cotton are mixed.  Support is at 62.00, 60.80, and 59.60 March, with resistance of 63.90, 64.90 and 65.40 March.

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FCOJ

General Comments:  Futures were higher last week and closed at the highs of the week.  Prices have rallied in the last few days after cold weather hit the state of Florida and reminded everyone what time of the year it was.  Traders are worried about demand even with overall lower prices.  The weather is considered good for production here and in Brazil and Mexico.  Development conditions are good in Florida and in Brazil now with occasional showers in Florida and dry weather in Brazil.

Chart Trends:  Trends in FCOJ are mixed.  Support is at 171.00, 160.00, and 151.00 January, with resistance at 206.00, 214.00, and 220.00 January.

COFFEE

General Comments:  New York and London were lower again yesterday, and trends are turning down in New York on the daily charts and are still down in London due to ideas and reports of increasing harvest sales from Vietnam.  The selling yesterday came primarily in response to reports of very good conditions in Brazil that has caused some farm selling.  Scattered showers are being reported now to improve tree condition in Brazil.  Mexico is in good condition, as is Central America.  Vietnam has scattered showers lately and conditions there are called good.  Vietnamese producers are selling.

Overnight News: The ICO average price is 283.21 ct/lb.

Chart Trends: Trends in New York are mixed.  Support is at 334.00, 330.00, and 325.00 March, and resistance is at 352.00, 359.00 and 365.00 March.  Trends in London are mixed to down.  Support is at 3710, 3570, and 3460 January, with resistance at 4000, 4100, and 4200 January.

SUGAR

General Comments:  New York and London were lower last week.  There are still ideas of good supplies for the market from good growing conditions for cane and beets around the world continue.  The prospect of a big global surplus in the 2025/26 season was keeping the market on the defensive with a rise in production in India and Thailand set to increased supplies while global consumption is expected to remain steady.

Chart Trends: Trends in New York are down.  Support is at 1430, 1400, and 1370 March and resistance is at 1500, 1520, and 1540 March.  Trends in London are mixed to down.  Support is at 410.00, 408.00, and 402.00 March, with resistance at 431.00, 437.00, and 445.00 March.

COCOA

General Comments:  New York and London closed lower last week in quiet trading.  Short term trends turned down early in the week.  A big main crop harvest is anticipated in West Africa and rains have been positive for crops lately.  Light rains mixed with heat in Ivory Coast’s cocoa-growing regions last week signaled a positive outlook for the main crop.  There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America.  The market feels that there is less demand and the lack of demand is expected to continue.

Chart Trends:  Trends in New York are mixed.  Support is at 5270, 4930, and 4820 March, with resistance at 6510, 6710, and 7150 March.  Trends in London are mixed.  Support is at 3830, 3650, and 3600 March, with resistance at 4700, 4860, and 5070 March.

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