COTTON
General Comments: Cotton closed lower but held inside its recent trading range on the charts. Harvest is ongoing amid drier weather conditions in West Texas and the Delta and Southeast. Reports indicate that some Cotton could have been damaged in Georgia and the Carolinas and into eastern Virginia due to the excessive winds and rains caused by the hurricanes. The rains and winds could have damaged fiber and blown fiber out of the bolls. The weekly export sales report showed strong demand last week. Export demand has held strong despite stay at home orders and weaker economies around the world. Traders now hope for even more demand later as the vaccines are given out and the world economies start to recover.
Overnight News: The Delta and Southeast will get mostly dry conditions except for some showers on Friday in the Southeast. Temperatures should average near to below normal in the Delta and in the Southeast. Texas will have mostly dry conditions and below normal temperatures. The USDA average price is now 67.21 ct/lb. ICE said that certified stocks are now 100,647 bales, from 101`,220 bales yesterday. ICE said that 10 notices were posted for delivery against December contracts and that total deliveries for the month are now 318 contracts.
Chart Trends: Trends in Cotton are mixed to down with objectives of 6980 and 6740 March. Support is at 7100, 7020, and 6890 March, with resistance of 7290, 7340, and 7350 March.

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FCOJ
General Comments: FCOJ was lower last week after failing to make new highs for the move on the charts. Florida has been spared any hurricanes or other serious storms this year in a year that has been very active for tropical storms. The Coronavirus is still promoting consumption of FCOJ at home. Restaurant and food service demand has been much less as no one is dining out. The weather in Florida is good with frequent showers to promote good tree health and fruit formation. Brazil has been too dry and irrigation is being used. Showers are falling in Brazil now and these need to continue to ensure good tree health. However, it could turn warm and dry again next week. Mexican crop conditions are called good with rains.
Overnight News: Florida should get isolated showers or dry conditions. Temperatures will average below normal. Brazil should get scattered showers and above normal temperatures.
Chart Trends: Trends in FCOJ are mixed. Support is at 123.00, 122.00, and 120.00 January, with resistance at 127.00, 129.00, and 131.00 January.

COFFEE
General Comments: Futures were lower last week in both markets. It has been a weather market and the weather has improved. The rains in Vietnam finally started to end last week as the typhoons seem to have gone away. Central America has seen a couple of hurricanes that could have damaged crops. These systems have now departed the region. Brazil is getting some rains now to improve flowering after an extended dry season. The demand from coffee shops and other food service operations is still at very low levels as consumers are still drinking Coffee at home. Reports indicate that consumers at home are consuming blends with more Robusta and less Arabica. The Brazil harvest is over and producers are selling due to the recent extreme weakness in the Real. Ideas are that production is very strong this year as it is the on year for the trees. Central America is also offering right now and offers are increasing. The weather is good in Colombia and Peru.
Overnight News: ICE certified stocks are higher today at 1.293 million bags. The ICO daily average price is now 111.16 ct/lb. Brazil will get scattered showers with near to above normal temperatures. Central America will get scattered showers after a hurricane earlier this week. Vietnam will see some big rains. ICE said that 1 contract was tendered for delivery against December futures and that total deliveries for the month are now 1,525 contracts.
Chart Trends: Trends in New York are mixed. Support is at 116.00, 115.00, and 113.00 March, and resistance is at 121.00, 125.00, and 128.00 March. Trends in London are down with objectives of 1320, 1310, and 1280 January. Support is at 1350, 1320, and 1310 January, and resistance is at 1380, 1390, and 1410 January.

SUGAR
General Comments: New York and London closed lower last week. It has been raining in south-central Brazil and the production of cane has been affected. These areas will turn warm and dry this week as the rains move farther to the north but the rains that have fallen have at least temporarily improved conditions. Brazil mills have been producing more Sugar and less Ethanol due to weak world and domestic petroleum prices. About 45% of the crush this year will go to Sugar, from 35% last year. India has a very big crop of Sugarcane this year. The Indian government has not announced the subsidy for exporters of Sugar so no exports are coming out of India yet. Sources told wire services that any subsidy will need to be significant to get export sales on the books. Thailand might have less this year due to reduced planted area and erratic rains during the monsoon season. Rains are moving through the country now from Vietnam and the Pacific. The EU is having problems with its Sugarbeets crop due to weather and disease. Coronavirus has returned to the world and has caused some demand concerns.
Overnight News: Brazil will get scattered showers. Temperatures should average above normal.
Chart Trends: Trends in New York are mixed to down with objectives of 1420, 1300, and 1280 March. Support is at 1420, 1400, and 1370 March, and resistance is at 1490, 1510, and 1530 March. Trends in London are mixed to down with objectives of 384.00 March. Support is at 394.00, 391.00, and 389.00 March, and resistance is at 410.00, 414.00, and 419.00 March.

COCOA
General Comments New York and London closed sharply lower for the week. The move has come as importers look to find a way to source Cocoa without paying a premium demanded by Ivory Coast and Ghana. Both countries have instituted a living wage for producers there and are looking to tax exports to pay the increased wages. Buyers have been accused of using certified stocks from the exchange instead of buying from origin. However, it looks like the exchange buying has come to a halt for now. There are a lot of demand worries as the Coronavirus is making a comeback in the US. Europe is also seeing a return of the pandemic. The North American and European cocoa grinds were at least 4% lower than a year ago and the Asian cocoa grind was down 10% from last year.
Overnight News: Sporadic and light showers are forecast for West Africa. Temperatures will be near 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 lower today at 3.047 million bags. ICE said that 1 contract was tendered against December Cocoa and that total deliveries for the month are now 1,223 contracts.
Chart Trends: Trends in New York are down with objectives of 2590 and 2640 March. Support is at 2610, 2520, and 2500 March, with resistance at 2670, 2700, and 2730 March. Trends in London are down with objectives of 1770 and 1690 March. Support is at 1740, 1700, and 1690 March, with resistance at 1800, 1820, and 1850 March.