COTTON
General Comments: Cotton was sharply higher to limit up Friday but still lower for the week on fund selling tied to recession fears here and around the globe as well as news from Bloomberg that Chinese Cotton imports will be less this year due to the Covid lockdowns seen there. Cotton prices fell to new lows for the move last week. The Chinese had been reopening the economy and country lately as Covid faded, but some reports of a new variant found there could shut the country down again in the near term.. Current weather forecasts call for hot and dry conditions for much of the Great Plains including west Texas Cotton area. There have been showers in the region lately to improve conditions and that kept the market pinned lower. There continues to be talk of a big recession here in the US and around the world. Traders worry that the continued Chinese lockdowns will hurt demand for imported Cotton for that country and that a weaker economy in the west will hurt demand from the rest of the world. There are forecasts for hot and dry weather this week in West Texas and the rest of the Great Plains. The Indian weather is cooler and wetter and conditions appear good. Chinese demand could become less due to the Covid lockdowns there be trimming imports due to Covid and has closed a number of cities as the Covid spreads through the nation. The cities and ports are shut down again. USDA cut the harvested area but slightly increased yields in the latest WASDE reports. Export demand was also cut but so were ending stocks due to the larger cut in production. The average farm price was unchanged. World data showed increased ending stocks levels so consumption world wide could become a problem.
Overnight News: The Delta will get isolated showers and near to above normal temperatures and Southeast will get scattered showers and near normal temperatures. Texas will have isolated showers and above normal temperatures. The USDA average price is now 97.10 ct/lb. ICE said that certified stocks are now 8,277 bales, from 8,365 bales yesterday.
Chart Trends: Trends in Cotton are mixed to down with objectives of 7710 December. Support is at 82.60, 81.80, and 80.10 December, with resistance of 90.70, 96.40 and 96.70 December.

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FCOJ
General Comments: FCOJ was lower last week and made new lows for the move on light volume fund selling tied to fears of a global recession and as USDA increased production potential. Production was estimated at 41 million boxes for Florida, up just 1% from the previous estimate but enough to keep selling interest alive. US production was down about 2% at 3.81 million tons, but the industry pays attention to the Florida estimate as that state produces almost all of the juice oranges feeding the processing industry. Production is still down from previous years gut has been creeping higher in recent USDA reports. Trends are mixed on the daily and weekly charts. The recent market weakness has been dramatic since the market made new contract highs earlier this month. The weather remains generally good for production around the world for the next crop. Brazil has some rain and conditions are rated good. Weather conditions in Florida are rated mostly good for the crops with some showers and warm temperatures.
Overnight News: Florida should get isolated to scattered showers. Temperatures will average near normal. Brazil should get mostly dry conditions and near to above normal temperatures. ICE said that 0 contracts were posted for delivery against July futures and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are down with objectives of 152.00 and 144.00 September. Support is at 149.00, 145.00, and 140.00 September, with resistance at 155.00, 158.00, and 162.00 September.

COFFEE
General Comments: New York and London closed sharply lower last week and made new lows for the move on fund selling tied mostly to a very strong US Dollar. Trends are still down on the daily and weekly charts in New York in London. Futures remain rather cheap when compared to the cash market and certified stocks keep dropping. Demand for Coffee overall is thought to be less as the world economic situation changes for the worse but the strong cash market means that even less Coffee is on offer. There is less Coffee on offer from origin, with Brazil offering less and Central America and Vietnam offering less as well. The weather in Brazil is good for Coffee production and any harvest activities. Temperatures are above normal in Brazil and conditions are mostly dry.
Overnight News: ICE certified stocks are lower today at 0.740 million bags. GCA stocks are now 6.050 million bags, from 6.003 million last month. The ICO daily average price is now 181.75 ct/lb. Brazil will get mostly dry conditions with above normal temperatures. Central America will get scattered showers. Vietnam will see scattered showers. ICE NY said that 52 contracts were tendered for delivery against July futures and that total deliveries for the month are 129 contracts.
Chart Trends: Trends in New York are down with no objectives. Support is at 195.00, 190.00, and 188.00 September, and resistance is at 206.00, 211.00 and 218.00 September. Trends in London are down with objectives of 1900 and 1850 September. Support is at 1910, 1890, and 1830 September, and resistance is at 1990, 2000, and 2020 September.

SUGAR
General Comments: New York and London closed higher Friday and last week as the market looks for increased supplies from origin. Trends are still sideways to up in New York and in London. White Sugar supplies and production are short right now. India is reported to have a big crop of Sugarcane coming and as Brazil is harvesting its crop of Sugarcane and turning much of it into Ethanol but is still making some Sugar and some of that Sugar is making it into export channels. UNICA data released last week showed that the Sugar mix had increased and Ethanol as a percentage of the crush had dropped. Thailand is still offering and exporting. Reports from India indicated that conditions are generally good for Sugar production. Monsoon rains have been good in India this year.
Overnight News: Brazil will get mostly dry conditions. Temperatures should average above normal. India will get isolated showers in eastern areas and near to above normal temperatures.
Chart Trends: Trends in New York are mixed to up with objectives of 1940, 2020, and 2200 October. Support is at 1890, 1860, and 1840 October and resistance is at 1960, 1990, and 2010 October. Trends in London are mixed to up with objectives of 578.00 October. Support is at 549.00, 544.00, and 537.00 October and resistance is at 570.00, 576.00, and 582.00 October.

COCOA
General Comments: New York rebounded from lower levels on Friday to close back in the trading range and at the top of the range to set up a test of nearby resistance areas this week. London also closed higher last week and trends are now mixed. A sharply higher US Dollar sunk both markets earlier in the week as did ideas about good supplies for the market. The European grind increased by 2% this quarter. Reports of sun and dry weather along with very good soil moisture from showers keep big production ideas alive in Ivory Coast. Ideas are still that good production is expected from West Africa for the year. The weather is good for harvest activities in West Africa. Current reports from Ivory Coast indicate that the weather is a good mix of sun and rain so a good midcrop production is expected. The weather is good in Southeast Asia.
Overnight News: Isolated showers are forecast for West Africa. Temperatures will be near normal. Malaysia and Indonesia should see scattered showers. Temperatures should average above normal. Brazil will get mostly dry conditions and near normal temperatures. ICE certified stocks are lower today at 5.536 million bags.
Chart Trends: Trends in New York are mixed. Support is at 2280, 2240, and 2220 September, with resistance at 2340, 2380, and 2400 September. Trends in London are mixed. Support is at 1690, 1680, and 1650 September, with resistance at 1740, 1770, and 1780 September.

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