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Cotton

General Comments: Cotton was a little lower last week as growing conditions are good and demand is not. A stronger US Dollar on Friday kept Cotton in a negative mode. Big storms were reported in southern Texas last week that could damage crops. There are also some big problems with too much rain in the Delta and Southeast in recent weeks. Demand has been weaker so far this year but there are hopes for improved demand with the lower prices. Chinese consumer demand has held together well, and Chinese demand for Cotton has started to increase.
Overnight News: ICE said that 21 notices were posted for delivery against July futures and that total deliveries for the month are now 21 contracts.
Chart Trends: Trends in Cotton are down with no objectives. Support is at 68.00, 66.80, and 6e 67.60 July, with resistance of 72.00, 73.70 and 76.00 July.
 

FCOJ

General Comments: FCOJ closed higher in range trading last week. The daily charts show that the market is trying to form a bottom. The market remains well supported in the longer term based on forecasts for tight supplies and very hot weather in Florida. The reduced production appears to be at the expense of the greening disease. There are no weather concerns to speak of for Florida or for Brazil right now. The weather has improved in Brazil with some moderation in temperatures and increased rainfall amid reports of short supplies in Florida and Brazil are around but will start to disappear as the weather improves and the new crop gets harvested.
Overnight News:
Chart Trends: Trends in FCOJ are down with objectives of 403.00 and 370.00 July. Support is at 406.00, 389.00, and 384.00 July, with resistance at 452.00, 473.00, and 477.00 July.
 

Coffee

General Comments: New York and London closed lower on Friday but were higher for the week on the strength in the US Dollar but reports of short supplies that could be made worse by ideas of reduced offers of Robusta are still in the market and forecasts for another couple of weeks of dry weather in Vietnam are still heard. There were also reports of poor Robusta yields in Brazil during the harvest. Ideas of less production in Vietnam are driving the rally. There were indications that Brazil and Vietnam producers were now offering Coffee, buts in small amounts,
Overnight News: The ICO daily average price is now 230.22 ct/lb. ICE NY said that 57 contracts were posted for delivery against July contracts and that total deliveries for the month are now 210 contracts.
Chart Trends: Trends in New York are mixed to up with no objectives. Support is at 227.00, 219.00, and 212.00 July, and resistance is at 236.00, 239.00 and 241.00 July. Trends in London are up with no objectives. Support is at 4180, 4080, and 4060 July, with resistance at 4540, 4660, and 4720 July.\
 

Sugar

General Comments: Both markets closed lower last week as harvest progress in Brazil was the important fundamental. Trends are mixed on the daily charts. End users need Sugar but are not finding too much available in the cash market. There are still ideas that the Brazil harvest can be strong for the next few weeks amid dry harvest weather, but now the cry weather is causing concern about developing Sugarcane in center south areas. Harvest weather is called good in center-south Brazil. There are worries about the Thai and Indian production, but data shows better than expected production from both countries.
Overnight News:
Chart Trends: Trends in New York are mixed. Support is at 1880, 1860, and 1840 July and resistance is at 2000, 2050, and 2100 July. Trends in London are mixed. Support is at 536.00, 528.00, and 522.00 August, with resistance at 570.00, 578.00, and 586.00 August.
 

Cocoa

General Comments: Both markets were lower last week and weekly chart trends are turning down. Production concerns in West Africa as well as demand from nontraditional sources along with traditional buyers keep supporting futures. Production in West Africa could be reduced this year due to the extreme weather which included Harmattan conditions. The availability of Cocoa from West Africa remains very restricted and projections for another production deficit against demand for the coming year are increasing. Ideas of tight supplies remain based on more reports of reduced arrivals in Ivory Coast and Ghana continue.
Overnight News: ICE NY said that 0 noticex were postec for delivey against July futures and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in New York are mixed Support is at 8400, 7870, and 7370 July, with resistance at 10310, 10520, and 11000 May. Trends in London are mixed. Support is at 8100, 7640, and 7250 July, with resistance at 9150, 9640, and 9980 July.

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