Softs Report - Monday, July 12

COCOA
General Comments: New York and London closed lower last week on follow through selling. The daily charts show down trends in New York and in London. Ports in West Africa are filled with Cocoa right now as demand remains lackluster. The weather has had above average rains in West Africa and crop conditions are rated good. European demand has been slow and demand ideas in general are weak. The supplies are there for any increased demand. The next round of quarterly grind data will be released this week and the data should show a significant increase in demand.
Overnight News: Isolated showers are forecast for West Africa. Temperatures will be near to above 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 5.778 million bags. ICE said that 0 contracts were posted for July delivery and that total deliveries for the month are now 269 contracts.
Chart Trends: Trends in New York are down with objectives of 2220 September. Support is at 2300, 2270, and 2240 September, with resistance at 2340, 2370, and 2410 September. Trends in London are down with objectives of 1550 September. Support is at 1590, 1570, and 1540 September, with resistance at 1620, 1640, and 1650 September.

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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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