COTTON
General Comments: Cotton was about unchanged last week. Support is coming from improved demand for US Cotton, but this demand has started to fade. Export sales were poor last week. There is concern that China will stop fulfilling its obligations in the Phase One trade deal due to ramped-up US rhetoric on the Chinese response to the Coronavirus epidemic and now the unrest in Hong Kong. The world is starting to slowly recover from the Coronavirus scare and some stores are starting to open again after being closed for weeks. The retail demand has been slow to develop as many consumers got hurt economically due to stay at home orders during the height of the pandemic and have little disposable funds to spend on clothes. Demand will slowly improve but the industry should have plenty of supplies to work with in the short term.
Overnight News: The Delta will get mostly dry conditions and Southeast will get mostly dry conditions. Temperatures should be mostly above normal. Texas will have dry conditions or isolated showers. Temperatures will average near normal. The USDA average price is now 53.16 ct/lb. ICE said that certified stocks are now 8,172 bales, from 6,732 bales yesterday.
Chart Trends: Trends in Cotton are mixed. Support is at 5760, 5710, and 5680 July, with resistance of 5850, 5940 and 5980 July.

FCOJ
General Comments: FCOJ was higher in the first part of the week and then moved lower for the second half of the week. Significant long liquidation from speculators was seen on Friday and also perhaps some new selling from industry. Trends are still mostly up in the market. Support is coming from the continued effects from the Coronavirus that are keeping people at home and drinking Orange Juice. Demand from grocery stores has remained strong in response to the increased consumer demand. Oranges production was estimated as less in the latest USDA reports at below 70 million boxes, so supplies available to the market are somewhat reduced. Inventories in cold storage remain solid so there will be FCOJ to meet the demand. There is increasing concern about the food service demand not improving even with the partial opening of the states. The weather in Florida is currently good for the crops. Southern areas are cool and have seen a few showers. The Valencia harvest is in full swing. More signs of growth on trees are reported. Brazil has been dry and irrigation has been used.
Overnight News: Florida should get periods of showers. Temperatures will average near normal. Brazil should get dry conditions and near to below normal temperatures.
Chart Trends: Trends in FCOJ are down with objectives of 121.00 July. Support is at 121.00, 120.00, and 117.00 July, with resistance at 125.00, 128.00, and 130.00 July.

COFFEE
General Comments: Futures were lower in New York and a little higher in London. New York was lower on depressed consumer and roaster demand in the US and Europe. Funds turned sellers on the breakthrough important support on the charts. The chart trends in New York are down, but London trends remain mixed. The demand from coffee shops and other foodservice operations has dropped to almost nothing. Consumers are still drinking Coffee at home, but many smaller roasters are actively trying to unload green coffee already bought a there are only a few outlets for sales at this time. This should change in the next few weeks as the US and EU economies slowly open up. The logistics of moving Coffee from Central and South America remain difficult. Producers have had trouble getting workers to pick the cherries and mills and processors have had trouble getting workers to staff the plants. Shipping logistics have improved somewhat, but many are still having trouble getting the Coffee to ports to move to consumer nations. Vietnamese producers are not selling due to the weaker prices paid currently and the effects of the Coronavirus. Indonesian producers are more active sellers.
Overnight News: ICE certified stocks are lower today at 1.760 million bags. The ICO daily average price is now 98.68 ct/lb. Brazil will get a dry week with near to above normal temperatures. Vietnam will see light to moderate showers.
Chart Trends: Trends in New York are down with objectives of 96.00 July. Support is at 95.00, 92.00, and 89.00 July, and resistance is at 102.00, 105.00 and 107.00 July. Trends in London are mixed. Support is at 1170, 1150, and 1130 July, and resistance is at 1210, 1230, and 1240 July.

SUGAR
General Comments: New York closed slightly higher with London lower. Prices have rallied well from the lows but both markets are showing signs of failing just when longer term chart trends were turning up. The recently weaker petroleum futures had made higher priced ethanol that much more expensive to blend and cuts demand. Prices in petroleum futures remained generally firm last week but still have a long way to go before Ethanol processing becomes profitable again. That makes more Sugarcane available for processing into Sugar in Brazil. The Brazil mills are trying to cover the lack of White Sugar in the market and the futures market price action suggests that they are succeeding. Reports indicate that little is on offer from India in part due to logistical and harvest problems caused by the Coronavirus. Thailand might also have less this year due to reduced planted area and erratic rains during the monsoon season. There are reduced flows from rivers from China as well.
Overnight News: Brazil will get a dry week. Temperatures should average near to below normal.
Chart Trends: Trends in New York are mixed. Support is at 1070, 1040, and 1020 October, and resistance is at 1130, 1160, and 1180 October. Trends in London are mixed to down with objectives of 329.00, 324.00, and 285.00 August August. Support is at 343.00, 340.00, and 328.00 August, and resistance is at 371.00, 379.00, and 387.00 August.

COCOA
General Comments: New York and London closed a little higher after another volatile week. The virus has complicated farming and marketing efforts. Ideas are that deliveries can be slower on any contracted Cocoa and that the next crop could suffer as workers stay away. The Coronavirus helps keep demand away and helps keep workers from grinding facilities and chocolate manufacturers. The removal of the lockdowns should improve demand in the short term. Harvest is now over for the main crop in West Africa and the results so far are very good. The reports from West Africa imply that a big harvest in the region. Ideas are that Southeast Asia also has good crops.
Overnight News: Isolated to scattered 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 higher today at 4.262 million bags. The ICCO said that Cocoa production was 4.75 million tons, 74,000 tons less than its previous estimate. Grindings were 4.783 million tons, also less than expected.
Chart Trends: Trends in New York are mixed. Support is at 2400, 2340, and 2320 July, with resistance at 2460, 2470, and 2490 July. Trends in London are mixed. Support is at 1910, 1890, and 1870 July, with resistance at 1970, 1990, and 2000 July.