Softs Report - Monday, Jan. 11

PALM OIL      

General Comments:  Palm Oil closed higher and made a new high weekly close once again last week. The market was supported by ideas of tight supplies coming down the road. Production of most vegetable oils in the world is less this year due to a lack of production of oilseeds. The production of Palm Oil is down in both Malaysia and Indonesia as plantations in both countries are having trouble getting workers into the fields. Export demand has been strong and ethanol demand has been moderate. Soybean Oil and Canola were higher on strong demand ideas. Production problems for Soybeans in South America helped Soybean Oil. Very strong Palm Oil prices have made buying Soybean and Canola oils the better option. Trends are up in Soybean Oil and in Canola. Demand for Canola has improved in recent weeks and farm selling has been less.

Overnight News: The Delta and Southeast will get scattered showers this weekend. Temperatures should average mostly below normal. Texas will have scattered showers this weekend, otherwise dry conditions and mostly below normal temperatures. The USDA average price is now 75.41 ct/lb.ICE said that certified stocks are now 68,740 bales, from 69,527 bales yesterday.

Chart Trends:  Trends in Cotton are up with objectives of 8370 March. Support is at 7800, 7720, and 7660 March, with resistance of 8100, 8130, and 8160 March.

FCOJ 

General Comments:  FCOJ closed a little lower last week as the cold weather threat in Florida has passed by for now with no damage. The weather in Florida remains good for the crops although it has been cold recently.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.

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Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

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