Softs Report - Monday, March 8


General Comments: Futures were lower once again on demand worries. The weekly export sales report showed less demand yesterday. Futures appear to be taking a break from the relentless up move seen over the last few months. Chart trends are down on the daily charts. The demand for US Cotton has been strong even with the Coronavirus. The US Dollar has started to firm recently and could be hurting demand. The US stock market has been generally firm to help support ideas of a better economy here and potentially increased demand for Cotton products.

Overnight News: The Delta will get mostly dry conditions and near to below normal temperatures and the Southeast will get isolated showers and below normal temperatures. Texas will have mostly dry conditions and near to below temperatures. The USDA average price is now 82.87 ct/lb.ICE said that certified stocks are now 99,706 bales, from 99,706 bales yesterday.ICE said that 0 notices were posted for delivery against March contracts and that total deliveries for the month are now 91 contracts.

Chart Trends: Trends in Cotton are down with objectives of 8510 May. Support is at 8580, 8400, and 8280 May, with resistance of 8920, 9010, and 9140 May.

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General Comments: FCOJ closed mostly a little higher in range trading. The tone of the market is mixed. Some damage to leaves and open flowers was possible in Texas and northern Mexico in the wake of the recent hard freeze, but ideas are that the overall damage was minor. Moderate temperatures are expected for Florida this and next week. The weather in Florida is good with a few showers to promote good tree health and fruit formation. Showers are falling in Brazil now and crop conditions are called good even with drier than normal soils. Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. It is dry in northern and western Mexican growing areas.

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